The UK's Financial Conduct Authority (FCA) said on Tuesday it will not take any action against Royal Bank of Scotland or its former executives for the activities of the notorious global restructuring group (GRG) of RBS. The FCA said RBS "fell well short in its treatment of GRG customers" but that "we have concluded that our powers to discipline for misconduct do not apply and that an action in relation to senior management for lack of fitness and propriety would not have reasonable prospects of success." The FCA comments came as it provided an update on its investigation into Royal Bank of Scotland's treatment of small and medium-sized enterprise (SME) customers transferred to its disgraced global restructuring group. FCA chief executive Andrew Bailey said: "Given the serious concerns that were identified in the independent review it was only right that we launched a comprehensive and forensic investigation to see if there was any action that could be taken against senior management or RBS.