FCA to face torrent of data protection requests over alleged RBS misconduct report
The Financial Conduct Authority (FCA) is facing a torrent of data protection requests demanding it release a report into Royal Bank of Scotland’s controversial Global Restructuring Group (GRG).
The regulator has rejected calls by the Treasury Select Committee to publish the report which looked at allegations RBS purposely bankrupted small companies in order to acquire their assets for a fraction of their value and sell them on for profit.
The Data Protection Act provides that individuals can make a “subject access request” for personal data organisations hold on them.
Law firm Lexlaw, which is organising the requests, believes former RBS customers have a right under the legislation to the information in the report and the FCA, as the data controller, a corresponding obligation to supply it.
The regulator said: “We receive many DPA requests each year. We generally release any information once the formal process is completed but we comply with DPA rules.”
Nicky Morgan, chairwoman of the Treasury Select Committee, said it had been inundated with messages from people alleging the restructuring group destroyed their businesses.
“Those affected have a right to know what really happened. The committee is due to see the FCA next month, and I have no doubt that these issues will be raised,” she said.