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Monday, December 06, 2010

FSA Humiliated

Unsurprisingly the FSA's attempt to hide the details of its 18 month "investigation" into the near collapse of RBS, via a pathetic one paragraph "a series of bad decisions was made" fig leaf, has brought down upon it the scorn it so richly deserves.

Sir Fred "the shred" Goodwin is said to be perfectly happy for the report to be published (not that his approval or disapproval needs to be sought), and indeed George Osborne is pushing for the report to be published. RBS is, after all, a public asset.

However, the FSA are defiantly sticking to its guns and refusing to publish until a "legal view" could be established that it could do so within the exemptions of the law.

A nice "excuse" clause such as that may well be appropriate for certain private organisations. However, as noted, RBS is a public asset it is in the public's interest to see the results of the FSA's labours.

Quite why the FSA is so determined to keep the report hidden from public view is causing many people to wonder as to whether it is protecting RBS, or itself and its investigation, from rigorous scrutiny.

Either way the FSA, by this shameful episode, have demonstrated that it has no future.

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