Turner and Sants set for grilling over RBS

The Financial Services Authority’s Lord Turner (pictured) and chief executive Hector Sants will on Monday face the Treasury Select Committee where they will give evidence on the watchdog’s report into the Royal Bank of Scotland's failure.

Margaret Cole, the managing director for enforcement, financial crime and markets at the FSA, will also join Sants and Lord Turner in front of the committee.

The FSA’s report into the collapse of Royal Bank of Scotland (RBS) revealed flaws in its own role and approach to regulation, which it said proved an ‘insufficient challenge’ to the bank.

The report from the watchdog, the results of which emerged at the end of last year, also revealed poor decisions by the RBS management team and board were to blame for its near-downfall.

It is not known whether or not the matter of RBS' bonus payouts will come up during Monday's meeting, however the bank did today give into public and political pressure to cut back on Stephen Hester's award.

It slashed its payout to top staff and its chief executive Hester’s 2011 bonus to £963,000.

Nonetheless, the bank ignored widespread calls to ditch bonuses altogether.