Fred the Shred to escape further investigation
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The Financial Services Authority is reportedly publishing its long awaited report into the near collapse of Royal Bank of Scotland next Monday.
According to press reports, Fred Goodwin, the former chief executive officer of RBS and Tom McKillop, its former chairman, will escape any further action over the part they played in its collapse.
The report is believed to instead focus on Johnny Cameron, the company’s former head of investment banking.
The FSA is expected to blame the bank’s collapse on the global financial crisis and its purchase of ABN Amro Holding NV.
The FSA will also review its own role, reports say.
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