Royal Bank of Scotland director Buchan 'stepping down'

Colin Buchan, one of only two Royal Bank of Scotland directors remaining from the disastrous era of Sir Fred "The Shred" Goodwin, is stepping down in March, reports said today.

Buchan,56, is a former UBS investment banker and was appointed to the board in 2002 He chaired its remuneration committee - setting directors' pay deals - until May 2010.

The FT said Buchan's departure will coincide with the planned publication by the Financial Services Authority of a report on the regulatory and management failures that led to the bank's government bailout in 2009.

It added there is no suggestion that Buchan is implicated in the report.

A spokesman for RBS said he could not comment.