British regulator bans former RBS investment bank boss

18th May 2010, Comments 0 comments

Britain's financial watchdog said on Tuesday that the former boss of Royal Bank of Scotland's investment bank division has been banned from holding another senior job in the finance industry.

"The Financial Services Authority has been carrying out an investigation into Johnny Cameron, former executive director of The Royal Bank of Scotland and former Chairman of global markets," the FSA said in a statement.

Cameron will not face a fine, but has agreed that he "will not... undertake any further full time employment in the financial services industry", according to the FSA.

He has also agreed to undertake not to "perform any significant influence function in relation to any regulated activity".

The probe into systems and controls at the global markets division was launched in the wake of the near-collapse of RBS.

The British bank is now 83-percent owned by the government after an enormous taxpayer bailout.

The FSA added on Tuesday that it has not uncovered any regulatory breaches by Cameron, nor has he made any admissions.

The global markets division of RBS was largely responsible for landing the group with billions of pounds of bad debts, or consumer loans which have been written off.

© 2010 AFP

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