UK Fines RBS $8.6M Over Reporting Errors

Law360, Chicago (July 24, 2013, 6:15 PM EDT) -- The U.K.’s financial services regulator on Wednesday slapped the Royal Bank of Scotland Group PLC with a £5.6 million ($8.6 million) fine for bungling its reporting of millions of transactions the bank made in wholesale markets.

RBS failed to properly report more than a third of these transactions over a five-year period ending in February and, in some cases, failed to report them at all, according to a statement from the U.K. Financial Conduct Authority. The failures breached FCA regulations on transaction reporting and requirements for...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.