|Courtesy of The Telegraph|
Of course, given the FSA was the regulatory body, this also handily helps them out of a hole as if RBS was guilty then they would be too by association.
The real focus should be on who is at fault though; because it is not the Greedy bankers on whom everything is currently blamed. Instead the approach to interest rates, the ending of boom and bust and the public sector spending are prime candidates, along with some very poor application of accounting standards. What this tells me is that the market was badly mis-regulated, more than the actors in the market were being criminal.
So at this rate, I would hope that Gordon Brown gets investigated by the FSA as he has a much bigger case to answer.