RBS fined £5.6 million for failing to report transactions
The Royal Bank of Scotland (RBS) has been fined £5.6 million by the Financial Conduct Authority for incorrectly reporting transactions they made in wholesale markets, and in some instances, failing to report transactions at all.
RBS failed to properly report 44.8 million transactions between November 2007 and February 2013; and failed altogether to report 804,000 transactions between November 2007 and February 2012. This represents 37% of relevant transactions carried out by RBS in this period, and breaches FCA rules on transaction reporting and its requirements for firms to have adequate management and controls.
Tracey McDermott, the FCA's director of enforcement and financial crime, said: ''Effective market surveillance depends on accurate and timely reporting of transactions. We have set out clear guidance on transaction reporting, backed up by extensive market monitoring, and we expect firms to get it right.
July 25, 2013
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