In a report out this morning from the cross-party Treasury Select Committee, the Financial Services Authority receives sharp criticism for failing to step in to stop the disastrous Royal Bank of Scotland's takeover of Dutch bank ABN Amro in 2007.

This led to a taxpayer bailout of RBS to the tune of £45bn, leaving it 82% state-owned.

Andrew Tyrie, chair of the Treasury Select Committee, told Today business presenter Simon Jack: "We're concluding in our report that although it was difficult and would have been a tough call, arguably that intervention should have taken place.

"Furthermore, if you look at the way regulation's being conducted right now, it's impossible to tell of course, but it's, I think, much more likely that the current regulators would intervene."

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