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24/07/2013
RBS Fined Over Transaction Failures
A fine of £5.6 million has been imposed against the Royal Bank of Scotland in connection to a number of mistakes found in a third of their transactions between 2007 and 2013.
The Financial Conduct Authority found that the between November 2007 and February this year, the bank made a number of mistakes, including: failing to properly identify the parties in a trade and using the wrong date and prices, 44.8 million misreported trades and some 804,000 transactions that were not reported at all.
It is understood that the fine includes a 30% discount owing to the fact that RBS decided to not fight the results of the FCA investigation.
(MH/CD)
The Financial Conduct Authority found that the between November 2007 and February this year, the bank made a number of mistakes, including: failing to properly identify the parties in a trade and using the wrong date and prices, 44.8 million misreported trades and some 804,000 transactions that were not reported at all.
It is understood that the fine includes a 30% discount owing to the fact that RBS decided to not fight the results of the FCA investigation.
(MH/CD)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
