RBS fined £5.6m for transaction reporting failings

The Royal Bank of Scotland (RBS) has been fined £5,620,300 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions it 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, the regulator said. 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. Many of the problems with RBS' own systems were compounded by the takeover of ABN Amro Bank N.V. in October 2007, the FCA said. The regulator criticised the bank, saying, given...