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UK Financial Services Authority Statement: FSA closes supervisory investigation of RBS

( December 2, 2010, 09:39 GMT | Official Statement) -- MLex Summary: The UK financial regulator cleared Royal Bank of Scotland of fraud or dishonest activity, in an assessment of the bank’s descent into a government bailout. The authority said it will pursue no enforcement action for what it termed “bad decisions” by RBS in the ABN Amro and other acquisitions. Investigations of other ‘failed’ banks continue.In May 2009 the Financial Services Authority (FSA) launched a supervisory investigation into Royal Bank of Scotland Group (RBS), as one of the UK banks that required partial taxpayer bailout support. This work considered if regulatory rules had been broken and what, if any, action was appropriate. The review was necessarily extensive and looked specifically at the conduct of senior individuals at the bank, the acquisition of ABN AMRO in 2007 and the 2008 capital raisings. The FSA conducted the review with assistance from PWC....

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