It said it found instances where the banks failed to explain the risks the customers were taking on, or did not disclose the big costs of cancelling in a proper way, or forced customers into naked speculation on the direction of interest rates.

BBC: Business

In these circumstances, it appears that you failed to ask even the most basic questions about who was involved and the handling of an operation with the obvious potential to create considerable controversy and undermine public confidence - questions which would not have impinged in any way on the police carrying out a proper investigation.

BBC: In full: Dominic Grieve's letter