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A report by the financial watchdog, which recommends no further action against Royal Bank of Scotland’s controversial restructuring business, has been called a ‘whitewash’.

A group of MPs said the Financial Conduct Authority failed to find out whether the bank’s management were involved in the group’s activities.

RBS’s Global Restructuring Group has been accused of shutting healthy firms. The FCA said its conclusions were backed up by an independent report. However, MPs were highly critical of the regulator.

“This report is another complete whitewash and another demonstrable failure of the regulator to perform its role,” said Kevin Hollinrake, the co-chair of the All-Party Parliamentary Group on Fair Business Banking.

Mr Hollinrake pointed out that the FCA was supposed to consider the root causes of the failures at RBS and whether they were known about, or authorised by RBS management. “They have manifestly failed to do this,” he said.

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