Written question asked by Lord Bradshaw (Liberal Democrat), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Monday, 23 April 2012.

Banking: Coutts

Question: To ask Her Majesty's Government whether they will be responsible for paying the fine imposed by the Financial Services Authority on Coutts, owned by the Royal Bank of Scotland, and what measures will be taken against the directors of that bank.

Answer: The Government's shareholding in the Royal Bank of Scotland (RBS) is managed on a commercial and arm's-length basis by UK Financial Investments Ltd (UKFI), a company which is wholly owned by the Government. RBS retains its own independent board and management team to manage itself commercially without interference from shareholders, including the Government. Accordingly, the bank itself will be responsible for paying the fine imposed by the Financial Services Authority (FSA) on its subsidiary Coutts. Action against directors of the bank is a matter for the FSA.

Secondary information

Type: Written question
Reference: 16791; 736 c298WA
Session: 2010-12
Related items: UK Financial Investments Ltd
Monday, 30 April 2012
Written questions
House of Lords
Subjects: Directors Fines Financial Services Authority Coutts Bank
Link: View this Written question on www.publications.parliament.uk