RBS report: FSA attention 'diverted by RDR' during crisis

A report published this morning suggests the near collapse of Royal Bank of Scotland in 2008 was because of poor management decisions, inadequate regulation and a flawed supervisory system within the FSA. But the report also found there were wider deficiencies within the FSA's supervisory team, meaning its scrutiny of bank activity was not as good as it should have been. Although the team was considered to be "largely doing what was expected of it", the report says its priorities and processes, as set out by senior management, were flawed. In an attempt to explain this, the report ...