Lord Newby
Main Page: Lord Newby (Liberal Democrat - Life peer)Department Debates - View all Lord Newby's debates with the HM Treasury
(13 years, 5 months ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Sassoon
My Lords, I cannot comment on the pension arrangements. I believe they took place before the previous election, and I am no position to comment on the pension arrangements for former directors of RBS. As regards the other matters, if there are any complaints about any regulated firm, I am sure the FSA will be, as it always is, open to looking into any complaints that are made.
Lord Newby
My Lords, does the Minister agree with the FSA and the report that RBS under Sir Fred Goodwin was properly governed? If he does, will he explain what he thinks a failure of corporate governance might look like?
Lord Sassoon
My Lords, I have not conducted an investigation into RBS. The FSA has, and it published a summary note on 2 December. It is clearly regrettable that we do not see the full report, but I should point out that the really important consequences of this are the change in the regulatory landscape that was brought to our attention by the noble Lord, Lord Haskel, and the fact that the Independent Commission on Banking is looking at the structure of banking in this country, so there are important ongoing inquiries that the RBS saga bears on.