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...
To view the full article, register now.