A step in the right direction

The courthouse is the proper place to sort out Goodwin's outrageous pension.

The Treasury has asked its legal advisors to investigate whether it is possible to sue former RBS executives Sir Tom McKillop and Bob Scott for signing off Sir Fred Goodwin’s pension top up.

Speaking before the Treasury Select Committee this morning, Glen Moreno, chairman of UK Financial Institutions [UKFI] – the body set up to manage the Government’s stakes in part-nationalised banks – criticised the decision to double the former RBS chief’s pension pot by allowing him to take early retirement.

Sir Tom McKillop, the former chairman at RBS, and Mr Scott, the chairman of the remuneration committee, signed off on the deal.

But Mr Moreno said today: “It was possible to make the decision he [Sir Fred] could have left with no compensation. He could then have sued the bank, but that seems to me to be a better position than where we are today.”