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its failure to do so with Equitable Life, Northern Rock RBS and HBOS, to mention only four of the companies whose financial difficulties and potential failures occurred on the FSA's watch.ter Hamilton is a barrister specialising in financial services at 4 Pump CourtIn May 2009, the FSA launched a supervisory investigation into the failure of the Chopard Happy Fish CH-55 Bank of Scotland. On December 2, 2010, as we all know, the FSA announced in a 16-line statement that its investigation into the bank was complete.The FSA said its review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN Amro and the decision to aggressively expand its investment banking business.

However, the review concluded that these bad decisions "were not the result of a lack of integrity by any individual and we did not identify any instances of fraud or dishonest activity by RBS senior individuals or a failure of governance by the board".The FSA went on to say: "The issues we investigated do not warrant us taking any enforcement action, Chopard Happy Fish Quartz CH-27 against the firm or against individuals."The FSA's announcement was greeted with widespread outrage. The headline in the Financial Times, for example, was, FSA's failure to punish Goodwin sparks anger. The newspaper reported the reactions of a number of people, Chopard Happy Hour Quartz CH-8 several lawyers. One senior lawyer was reported to have said: "I find it very hard to believe that, given their findings of bad decisions, there still has been absolutely no one found at fault."

There was anger not only at the decision itself but also that the FSA did not offer any explanation. It simply said it could not publish the content of the review because the information it had gathered from the bank remains confidential by virtue of the provisions of the Financial Services and Markets Act 2000 (FSMA).The FSA is relying on section 348 of that act, which provides that confidential information relating to the business or affairs of any person must not be disclosed.What should we Chopard Happy Hour Quartz CH-9 of the FSA's announcement?The first question that springs to mind is how good was the FSA's regulation and supervision of RBS during the relevant period? The FSA has not told us. It should do so.