Despite the Financial Service Authority's excessive delay in still not publishing its comprehensive report on the Royal Bank of Scotland, some issues are clear-cut.

RBS did not update its “due diligence” on ABN Amro Bank in May-October 2007 when the deal was signed.

In April 2007, Sir Fred Goodwin emphasised “our long-standing aversion to sub-prime lending, wherever we do business”, despite the US subsidiaries’ sub-prime deals and Amro’s heavy exposure.

Reasonable doubts remain about the rights issue prospectus of April 2008, when it is now clear RBS was already effectively insolvent, requiring our massive bail-out in October.

In February 2009, Sir Fred allowed the Treasury Select Committee to believe his pension “pot” was £8 million, despite knowing of its increase to £17m in October and that his pension would cost £30m in the annuity market. He said “My pension is the same as everyone else in the bank who is in a defined benefit scheme. It is determined in the same way as anyone else, or anywhere else, in a defined benefit scheme”. Lord Myners contradicted this.

In 2011 Sir Fred obtained a super-injunction preventing public comment about himself, due to a personal matter with corporate governance overtones.

Do such factors indicate a lax, if not cavalier, attitude to diligence generally, in conflict with his obligation to “Quaere Verum” (seek the truth) imposed by the Institute of Chartered Accountants of Scotland?

Is it not time that he emulated Alistair Darling MP (who resigned from the Faculty of Advocates after his second-home flippings were divulged) and fell on his sword?

John Birkett,

12 Horseleys Park,

St. Andrews,

Fife.