In a 222 page report with more than 80 recommendations, the US Treasury has called for a radical overhaul of financial technology regulation, reports Finextra. The report backs the introduction of a new national fintech charter, the introduction of regulatory sandboxes to promote innovation and the opening up of access to consumer data. Royal Bank of Scotland has escaped punishment from the UK's Financial Conduct Authority, despite the regulator finding the bank's restructuring unit "fell well short" in its treatment of customers. The FT reports that an independent review by the FCA found RBS's Global Restructuring Group systematically mistreated customers, but options for taking action were limited because commercial lending is largely unregulated in the UK. FCA chief executive Andrew Bailey said he appreciated many small businesses affected by the restructuring unit's action would be frustrated by the regulator's decision, which has also led to calls from MPs and industry groups for reforms to commercial lending regulations.