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RBS chief executive Ross McEwan accused by UK lawmakers of withholding information

The RBS CEO was called before the Treasury Select Committee to discuss allegations of malpractice at the majority state-owned lender’s Global Restructuring Group unit
Ross McEwen
Chair Nicky Morgan called the RBS’s boss explanation in the letter to the committee “unconvincing”

Royal Bank of Scotland Group PLC (LON:RBS) chief executive Ross McEwan has been accused by UK lawmakers of withholding information when he gave evidence to a Treasury Select Committee in January, a charge the bank’s boss disputes.

In a statement on the UK parliament website, Nicky Morgan, chair of the Treasury Committee, said McEwan failed to disclose when asked whether there had been any criminal activity at the state-controlled bank, that one of its former employees was under investigation by police, despite RBS having been aware of this since 2017.

READ: RBS mulling paying one-off dividend with surplus capital - report

In a letter to the committee, also published on the website, McEwan said he did not disclose the information because he did not consider it related to the subject under discussion with lawmakers.

The RBS CEO was called before the Treasury Committee to discuss allegations of malpractice at the majority state-owned lender’s Global Restructuring Group (GRG) unit in the aftermath of the 2008 financial crisis.

The Financial Conduct Authority investigated the GRG unit for the period from 2008 to 2013 and concluded that many aspects of its culture, governance and practices were “deficient,” although there had not been criminal activity.

As the police investigation into the employee related to a later period, McEwan said that he did not consider it relevant to the committee’s inquiry.

However, Nicky Morgan called the RBS’s boss explanation in the letter to the committee “unconvincing.”

She said: “If the committee decides to ask Mr McEwan to provide further oral evidence, it will expect him to tell the whole truth, not an edited version to suit him.”

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