FSA may keep HBOS report secret despite RBS furore

The FSA may keep the outcome of investigations into HBOS and Bradford & Bingley secret unless it finds wrongdoing.

The regulator admitted it would only make public statements about its investigations into the banks if it takes action against the companies or their directors. Otherwise it is under no obligation to even admit the investigations have concluded, the Guardian reports. It follows the controversy surrounding the FSA's decision not to take action against former RBS bosses including its former CEO Sir Fred Goodwin. Most of the criticism facing the FSA focuses on the move to cite section 348 of the Financial Services and Markets Act as a reason not to publish the report by PriceWaterhouseCo...