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What will the FSA investigation into the banking sector review?

As the UK banking sector readies itself for a full-blown investigation by the FSA there are concerns in some quarters as to exactly what will be unearthed. There have been rumours for some time about Royal Bank of Scotland in particular, with a court case pending suggesting that the company was technically insolvent prior to last year's rights issue. While there is no evidence in the public domain to support such a claim a number of high-profile investors are looking to take the matter to court.

While the FSA has suggested it does not believe any criminal wrongdoing will be unearthed by the investigation there are concerns as to exactly what happened and who exactly was to blame. This could also be a very worrying time for the UK government which has been very vocal in its criticism of both the UK banking sector as a whole and particular high profile directors. It would be highly embarrassing if the investigation highlights any particular errors by the UK government as Gordon Brown has sought to deflect any criticism since day one.

However, despite the public leak with regards to the banking investigation there are many who believe it may be something of a "whitewash" and become purely a public relations operation.

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