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Sunday 23rd of May 2010
May 18, 2010    

Former RBS investment banker receives lifetime ban

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by Kay Murchie

Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry.

The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank.

Fifty-five-year-old Cameron, who was chairman of its investment banking business at the time RBS had to be rescued in 2008, resigned from the bank in January 2009 with no payoff.

His conduct has been under investigation by the FSA since April 2009.

While he has not received a fine, he has agreed with the FSA not to perform any “significant influence function” or full-time position within the financial services industry.

Mr Cameron said: “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.”

The FSA comments: “Were it not for this undertaking, it was the FSA’s intention to take steps to seek to prohibit Cameron from performing any significant influence function or any function held in full time employment in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

“On the basis of the information available to it, the FSA believes that Cameron would not meet its current standards for approval for a significant influence function,” it added.

In the meantime, the FSA is still investigating other former bosses at RBS, which is 84% owned by the taxpayer.

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