Johnny Cameron, the former RBS banker blocked by the FSA from taking up senior positions in the City, has set up his own advisory firm.
The ex-head of RBS' investment banking arm has launched Caps Advisory, after pledging in May this year not to return to banking, the Telegraph reports.
"I've got one job starting in September but it's very, very early days. I help with people's relationships with banks, but it's not a financial services business," says Cameron yesterday.
Cameron's efforts to continue to make a living from City work will anger many after the 56-year old admitted to a "share of responsibility" in RBS's near collapse in October 2008.
The bank, now 83% owned by the taxpayer, was bailed out by the Government after its takeover of Dutch lender ABN Amro backfired spectacularly.
The state was forced to spend £45bn buying up shares in the bank in order to keep it afloat.
Cameron's new company was registered at Companies House on July 19, two months after the FSA censure, when it indicated it would not push through his formal approval to work with Greenhill, the independent investment bank.
Although there was no explicit move by the FSA to bar Cameron. the regulator's stance left Greenhill and the former RBS executive with little choice but to discontinue the talks about his potential appointment.
EIS and Seed EIS sectors
'Truly making a difference'
Avoidance, evasion and non-compliance
From 6 April 2019