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RBS hit with FCA fine

RBS hit with FCA fine

Category: Banking

Updated: 25/07/2013
First Published: 25/07/2013

MONEYFACTS ARCHIVE
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The Financial Conduct Authority (FCA) has handed the Royal Bank of Scotland (RBS) a £5.6 million fine for breaching regulatory rules on transaction reporting.

The bank was found to have not reported around 804,000 transactions between November 2007 and February 2012, whilst a further £44.8 million worth of transactions were not reported correctly in accordance with FCA standards.

RBS has agreed to settle with the FCA at an early stage of the investigation, resulting in a 30% reduction of its initial fine.

In a statement, the FCA said it had set out clear guidance on the reporting of transactions on the premise that financial companies would do so accordingly.

The reporting of transactions by banks is known to provide the regulator with information to ensure financial markets are functioning effectively and assists with the investigating of suspected market abuse and malpractice.

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