At last, RBS ex-bosses 'can be banned' from being directors
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Monday 18 June 2012
Disgraced former directors of Royal Bank of Scotland are likely to finally be disqualified from ever sitting on company boards again by the Business Secretary, Vince Cable.
After years of the Government attempting to find ways of prosecuting the directors responsible for RBS's near-collapse, Mr Cable has received legal advice that there is "prosecutable evidence" that could justify lifetime bans.
Reports yesterday named Fred Goodwin, the former chief executive who was stripped of his knighthood, and Johnny Cameron, former head of the investment bank, as being among those who could be pursued. A handful of others also face action. The bans would probably be sought through the courts, although they can be agreed by directors voluntarily.
Mr Cable sought external legal opinion after the Financial Services Authority's report into the bank's collapse. Previous probes had not supplied adequate evidence to bring disqualification proceedings.
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