Former-RBS banker accepts top job ban in the City

18 May 2010

Johnny Cameron, a former banker with the Royal Bank of Scotland (RBS), has agreed to accept a ban preventing him from working in senior roles within the City.

According to newspaper reports, the Financial Service Authority (FSA) is to implement the ban following a year-long investigation.

The probe focussed on the work of the global markets and banking division at RBS, a unit headed by Mr Cameron.

He led the financial institution’s work on the takeover of Dutch bank ABN Amro, a move many believe helped exacerbate the bank’s financial difficulties and led to government bail outs during the credit crisis.

Although not accused of any illegal behaviour, the banker has agreed to the FSA’s ruling and is not expected to launch an appeal against the decision.

Mr Cameron will be able to take on short-term consultancy posts, pending on approval from the FSA.

The FSA investigation examined “conduct, systems and controls” at the division of RBS.

Last month, the regulator issued fines and bans to two former directors of failed bank Northern Rock.

David Baker, former deputy chief executive at the financial institution and Richard Barclay, ex-managing credit director, were given fines of £504,000 and £140,000 respectively.

By Jim Ottewill

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