By Mark Kleinman, City Editor
The former chief executive of the City regulator has withdrawn from a consortium bidding to buy more than 300 branches being offloaded by Royal Bank of Scotland (RBS).
I have learnt that John Tiner, who was chief executive of the Financial Services Authority (FSA) between 2003 and 2007, is to play no further formal role in an offer for the branch network being led by Corsair Capital, the private equity firm where he works as a senior adviser.
His decision to step back from the bid comes amid expectations that two forthcoming reports about various aspects of Britain's banking sector will level robust criticism of the FSA's performance in the period before the crisis.
Corsair had planned to install Mr Tiner as chairman of the RBS business if it succeeds with its offer.
But people close to the situation say that Corsair has now informed both RBS and the Treasury that he will no longer assume this role. This decision is understood to have been made by Mr Tiner himself and without any external pressure from the Government or regulators.
"John is a first-class guy, and there has been no external effort to remove him from the bid, but with everything else that is happening now, he thought it better not to proceed," an insider said.
Mr Tiner's withdrawal follows the tirade of criticism which engulfed Sir James Crosby, the former chief executive of HBOS and ex-deputy chairman of the FSA, when a Parliamentary Commission on Banking Standards report accused him of being the architect of HBOS's disastrous expansion.
The Commission is likely to make further critical remarks about the performance of the FSA in its final report in the summer.
More importantly from Mr Tiner's perspective, insiders said, the Financial Conduct Authority - the FSA's successor body - will publish in the autumn its account of the failure of HBOS in the autumn of 2008. That account will be extremely self-critical and lay some of the blame at Mr Tiner's door, regulatory sources said.
Lord Davies, the respected former trade minister who is a vice-chairman and partner of Corsair, could take the chairmanship of the RBS branch network on a temporary basis, they added.
In addition to his advisory role at Corsair, Mr Tiner is a non-executive director of Credit Suisse, the Swiss-based banking group, and of Lucida, a pension insurance firm.
He was awarded a CBE in 2008 for services to the finance industry, although there have been no calls for him to follow Sir James' gesture and voluntarily forfeit the honour.
Corsair has secured backing for its bid for the RBS branches from Lord Rothschild's investment firm, RIT Capital Partners, and Centerbridge, another private equity group.
Its bid is thought to be well-placed but is up against competition from a consortium of City institutions as well as a potential bid from Virgin Money.
Mr Tiner was unavailable for comment, while RBS declined to comment.
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