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RBS chief banned from city

Johnny Cameron, the former head of the Royal Bank of Scotland's investment banking division, has effectively been blacklisted by the Financial Securities Authority (FSA) in a compromise agreement. Johnny Cameron has agreed not to take a top job in the city ever again in exchange for the FSA confirming it will take no disciplinary action against him with regards to his role at Royal Bank of Scotland.

In simple terms he has been barred from working in the city ever again although there has been no admission of guilt regarding a number of issues highlighted by the FSA. This is just the first in what many believe will be a long list of former top names in the city who could be banned from working in the UK financial sector ever again. While Royal Bank of Scotland appears to be top of the list of targets for the FSA, there is no doubt that other banks will come into play after the near collapse of a number of UK outfits.

There is no doubt that the FSA has been flexing its muscles over the last few months and indeed it looks as though the Authority has been saved with the Conservative and Liberal Democrat coalition government recently hinting that the regulatory system would not undergo a major revamp.

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