LONDON -(Dow Jones)- Fred Goodwin, the former chief executive of Royal Bank of Scotland Group PLC (RBS.LN), has secretly agreed never to work in the city of London again as part of a pact with the Financial Services Authority, the Sunday Times reports without naming its sources.

Goodwin offered the assurance during the regulator's investigation into his reign at the bank, the newspaper said.

The former banking chief was stripped of his knighthood earlier this year over his role in the failure of RBS in 2008.

The FSA couldn't immediately be reached for comment.

Newspaper Web site: http://www.timesonline.co.uk

-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320