UK regulator absolves Royal Bank of Scotland execs
Thursday, December 2, 2010
LONDON (AP) — Britain’s financial regulator says executives of Royal Bank of Scotland acted with integrity in making a series of bad decisions that resulted in taxpayers having to rescue the bank.
The Financial Services Authority says it has completed its investigation of the bank’s near-collapse and won’t take any enforcement action against past or present executives.
The agency said Thursday that the worst decision by RBS was the takeover of the Dutch bank ABN Amro, a disaster that was already widely recognized.
However, the agency says the bank’s bad calls were not due to lack of integrity by any individual, and there was no fraud or dishonesty by anyone.