Former RBS head agrees to work ban
(20 May 2010 – UK) Johnny Cameron, former head of investment banking for the Royal Bank of Scotland Group, has avoided tough disciplinary action from the Financial Services Authority (FSA) by agreeing not to work in a major role at a bank or regulated financial company.
Mr Cameron, who was also chairman of the bank’s global banking and markets division, came under scrutiny after systems and controls put in place in his division, and risky bets, ultimately led to the bank’s fall from grace, resulting in a major bailout by the UK government.
The settlement between Mr Cameron and the FSA is seen as a light penalty as it still allows the former head to serve as part-time consultant within the industry, as long as the work doesn’t require any authorisation from the FSA.
The FSA's reputation was tarnished in recent years by a self-described failure to adequately supervise firms.
Mr Cameron’s slap on the risk was announced on the same day that the FSA achieved its first guilty plea from a criminal charge of market abuse.
In a statement, Mr Cameron said that given the losses sustained by RBS in 2008, as a director of the Royal Bank of Scotland Group, I recognise that it is appropriate that I take my share of responsibility, and I will not be seeking another managerial role in the financial services industry.
An RBS spokesman said the bank welcomed the conclusion of the investigation.
The settlement between Mr Cameron and the FSA is seen as a light penalty as it still allows the former head to serve as part-time consultant within the industry, as long as the work doesn’t require any authorisation from the FSA.
The FSA's reputation was tarnished in recent years by a self-described failure to adequately supervise firms.
Mr Cameron’s slap on the risk was announced on the same day that the FSA achieved its first guilty plea from a criminal charge of market abuse.
In a statement, Mr Cameron said that given the losses sustained by RBS in 2008, as a director of the Royal Bank of Scotland Group, I recognise that it is appropriate that I take my share of responsibility, and I will not be seeking another managerial role in the financial services industry.
An RBS spokesman said the bank welcomed the conclusion of the investigation.
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