The “due diligence conducted in relation to the ABN AMRO acquisition was insufficient and inadequate in relation to the risks involved”
The Financial Services Authority has today published its report into the failure of Royal Bank of Scotland. One of the principal causes of the collapse of RBS was its acquisition of ABN AMRO, which the FSA concludes was conducted “without appropriate heed to the risks involved and with inadequate due diligence”. The FSA press release is here and the full report can be read here.
However, the FSA has decided to take no action with regard to that due diligence failure, for the following reasons (at section 2.3 of Part 3 of the report, at paragraph 247):
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