MPs Release RBS Business Report, Defying Regulator

British lawmakers on Tuesday published in full a confidential report detailing Royal Bank of Scotland's mistreatment of struggling businesses during and after the financial crisis, the International New York Times reported on a Reuters story. "The findings in the report are disgraceful," Nicky Morgan, chair of the cross-party Treasury Select Committee, said. The TSC said in a statement it had agreed to publish immediately the final, unredacted report, which contains the findings of an inquiry into RBS's then-restructuring unit GRG. "The overarching priority at all levels of GRG was not the health and strength of customers, but the generation of income for RBS, through made-up fees, high interest rates, and the acquisition of equity and property," Morgan said. RBS denies the most serious allegations from customers - namely that it purposely pushed firms into bankruptcy to pick up their assets on the cheap. But it has accepted some wrongdoing and set aside 400 million pounds to compensate firms as it seeks to rebuild its image a decade on from the crisis. The lawmakers' decision follows a protracted dispute with the Financial Conduct Authority (FCA), which commissioned the report but has refused to publish it in full. Read more. (Subscription required.)