Royal Bank of Scotland fined £5.6m
THE UK Financial Conduct Authority (FCA) has fined Royal Bank of Scotland £5.6m for incorrectly or not reporting at all transactions it made in the wholesale market. The FCA said yesterday that the bank failed to properly report £44.8m worth of transactions between November 2007 and February 2013, and failed altogether to report 804,000 transactions between November 2007 and February 2012.
This represents just over one-third of relevant transactions by the bank over these periods. "We have set out clear guidance on transaction reporting, backed up by extensive market monitoring, and we expect firms to get it right," said Tracey McDermott, director of enforcement and financial crime at the FCA. "As well as a financial penalty, firms can expect to incur the cost of resubmitting historically incorrect reports."