Written question asked by Lord Myners (Labour), in the House of Lords. It was answered by Baroness Wilcox (Conservative) on Tuesday, 20 December 2011.

Banking: Royal Bank of Scotland

Question: To ask Her Majesty’s Government whether, in the light of the Financial Services Authority’s report The failure of the Royal Bank of Scotland, they propose to disqualify Sir Tom McKillop and Sir Fred Goodwin under the Company Directors Disqualification Act 1981.

Answer: The Financial Services Authority’s (FSA) report into the failure of RBS refers to the tact that previous material on RBS compiled by PwC was disclosed to officials earlier this year. This information was provided so a view could be taken on whether there was sufficient evidence to suggest that the Secretary of State should take action against any director by way of disqualification. Counsel advised then that it would not be appropriate to bring proceedings on the information contained in that material. Now that the FSA’s report has been published, the Secretary of State has instructed Counsel to provide further advice on what course of action is open.

Secondary information

Type: Written question
Reference: 14316; 733 c345WA
Session: 2010-12
Subjects: Directors Disqualification Royal Bank of Scotland Goodwin, Fred McKillop, Tom
Link: View this Written question on www.publications.parliament.uk