FCA names 'skilled persons' for RBS lending review
Promontory Financial and Mazars will examine evidence
The UK Financial Conduct Authority (FCA) has named consultancy Promontory Financial Group and accountancy firm Mazars to carry out the "skilled person" review, also known as a Section 166 review, of the lending policies of Royal Bank of Scotland.
Under Section 166 of the Financial Services and Markets Act, the regulator has the power to order a bank to undergo an independent examination – normally by a consultant, accountant or lawyer – at its own expense. In this case, the review will focus on
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