Royal Bank of Scotland – Reaction and reform

GA Walker, Solicitor and Professor in Law, Centre for Commercial Law Studies.

The FSA published its Report into the collapse of Royal Bank of Scotland (RBS) on 12 December 2011 ¹. This includes a Foreword by FSA Chairman Lord Adair Turner, with three sections on the RBS Failure, Regulatory Lessons and FSA Enforcement. The FSA conducted a 17-month investigation into the circumstances surrounding the collapse of RBS. This included commissioning three investigation reports by PricewaterhouseCoopers (PwC) on Mr Johnny Cameron, former head of Investment Banking at RBS, the ABN Amro acquisition and Investment Circulars ².