MPs have urged the Financial Conduct Authority (FCA) to publish the full report into Royal Bank of Scotland Group’s (LON:RBS) controversial turnaround unit next week, the BBC reports. The news comes after the watchdog signalled last week that it was ready to publish the report into lender’s Global Restructuring Group (GRG), which was at the centre of allegations that RBS had forced small company clients out of business to acquire their assets on the cheap.
RBS’ share price has fallen into the red in London in today’s session, having given up 0.71 percent to 278.70p as of 10:26 GMT, as compared with a 0.57-percent fall in the benchmark FTSE 100 index. The group’s shares have added more than 22 percent to their value over the past year.
Report long overdue
The BBC reported yesterday that in a letter to the FCA, Nicky Morgan, chair of the Treasury Select Committee, had said that the committee considered “it unreasonable that, four years since the review was commissioned, and 18 months since the FCA received the final report, such slow progress has been made towards meeting its objective [...] of placing the report in the public domain”.
The watchdog’s report on RBS’ turnaround division has already been leaked and reportedly shows that more than 90 percent of businesses put into the division have suffered ‘inappropriate action’ against them by the bank. The watchdog, which has published several summaries, however, has refused to issue the whole report, arguing that the move would not be in the public interest.
An FCA spokesperson told the BBC that the watchdog had received the letter from the Treasury committee and would respond.
Analysts on RBS
Deutsche Bank reiterated its ‘hold’ rating on RBS this week, with a price target of 315p on the shares. According to MarketBeat, the bailed-out lender currently has a consensus ‘hold’ rating and an average price target of 279.13p. RBS is scheduled to update investors on its full-year performance on February 23.