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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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