FCA Forced To Defend Inaction Over RBS Turn Around Unit

Law360, London (September 11, 2018, 7:38 PM BST) -- Senior figures at the U.K.’s Financial Conduct Authority on Tuesday were forced to defend the lack of action taken by the regulator against the Royal Bank of Scotland over the way it treated small businesses in its now-defunct turnaround unit.

The FCA’s top brass faced a barrage of angry questions from members of interest groups and individuals who described themselves as "banking whistleblowers" during the regulator’s public meeting in London.

The regulator’s chief executive Andrew Bailey clashed with members of the public during Tuesday’s meeting, with one attendee accusing the watchdog of being “corrupt.”

Bailey had used an earlier speech to...

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