An investigation into Royal Bank of Scotland Group found that while the bank made a series of bad decisions leading up to the financial crisis, it didn’t do anything that merits enforcement action, the UK’s financial regulator said Thursday.

The Financial Services Authority said that its investigation into RBS, which was one of the UK’s banks that required a taxpayer bailout looked at whether any regulatory rules had been broken and what, if any, action was appropriate. The FSA examined the conduct of senior individuals at the bank, the acquisition of ABN AMRO in 2007 and capital raisings in 2008.

“The review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN AMRO and the decision to aggressively expand its investment banking business. However, the review concluded that these bad decisions were not the result of a lack of integrity by any individual and we did not identify any instances of fraud or dishonest activity by RBS senior individuals or a failure of governance on the part of the board,” the FSA said.

The regulator concluded that the issues it investigated didn’t warrant any enforcement action, either against the firm or against individuals.

The FSA’s supervisory investigations into other banks that “failed” during the crisis are ongoing, it noted.

IE