The ongoing farce of the FSA's report about the collapse of RBS continues.
The Treasury Select Committee has now published the terms of reference for the independent review of the FSA's report (which is still yet to be published). The review has been called for as MPs and others are heartily fed up with the FSA's handling of the matter.
Sir David Walker, a banker, and Bill Knight, a lawyer, will conduct the review which will have two aims:
- Assess whether the unpublished FSA report is "a fair and balanced summary" of the evidence gathered by the regulator and PricewaterhouseCoopers during their investigations into RBS.
- Assess whether the FSA's report does a good job of analysing its own failures in regulating RBS.
However, nothing can be done until the FSA have finalised their report.
Of course not!
The hapless and hopeless FSA is still writing the report, which it was supposed to have finished in April, having agreed to an original deadline of March.
Citywire quote an FSA spokesman:
"It's taking longer than we'd originally hoped."
Hopeless and hapless!
Could someone please tell me why the FSA is still in existence?