Crown Office finds ‘insufficient evidence’ of criminal conduct at RBS

Written by Jenni Davidson on 12 May 2016 in News

No action will be taken against the bank as a whole or individual directors or managers

No one will face charges over the collapse of RBS, after an investigation found “insufficient evidence” of criminal wrongdoing.

The five-year-long investigation by the Crown Office included the examination of over 160,000 documents by a team of specialist forensic accountants and banking experts, supervised by the Serious and Organised Crime Division.

The Crown Office said the investigation involved close co-operation with financial regulators and banking institutions including the Financial Conduct Authority, the Prudential Regulation Authority, the Federal Reserve Bank of New York, the Serious Fraud Office and the Financial Reporting Council.

However, insufficient evidence of wrongdoing was found.


Nicola Sturgeon’s new business cabinet role welcomed by Federation of Small Businesses

UK Government renewables policy is “arguably jeopardising UK energy security”, says EY

Alistair Darling: European Union exit could put £250bn of British trade at risk

No action will now be taken against the company as a whole or any of the directors or senior management.

A Crown Office spokesperson said: “Following careful examination of all the evidence seen to date, Crown Counsel have decided that there is insufficient evidence in law of criminal conduct either in relation to RBS as an institution or any directors or other senior management involved in the rights issue.

“If any further evidence comes to light which is relevant to this enquiry it will be considered by the Crown and we reserve the right to make further enquiry, if considered appropriate.”

Former chief executive of RBS Fred Goodwin resigned his position at the bank in 2008, following its near collapse and effective nationalisation.

RBS’s losses of £24bn in 2008 were the largest in UK corporate history.

Goodwin’s knighthood, awarded in 2004 for ‘services to banking’, was rescinded in 2012.



Related Articles

UK Supreme Court ruling on employment tribunal fees welcomed in Scotland
26 July 2017

The Supreme Court has ruled that fees charged by the UK Government for employment tribunals are “unlawful”

Stewart McDonald introduces private members' bill to ban unpaid trial shifts
17 July 2017

MP said the new Unpaid Trial Work Periods (Prohibition) Bill, which will be introduced to Parliament on Wednesday, would help stop exploitation of workers

Planned welfare cuts will "significantly reduce" income of poorest working-age households, finds IFS
27 April 2017

Cuts to tax credits, including changes which limit entitlement to two children, expected to reduce spending by around £5bn a year

Cyber threat to UK business is ‘significant and growing’
15 March 2017

A joint report from the National Cyber Security Centre and the National Crime Agency predicts future cyber threat trends

Share this page