Reuters: Regulatory News: UK watchdog fines RBS bank 5.6 million pounds

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UK watchdog fines RBS bank 5.6 million pounds Jul 24th 2013, 09:22 LONDON, July 24 | Wed Jul 24, 2013 5:22am EDT LONDON, July 24 (Reuters) - Britain's Financial Conduct Authority has fined Royal Bank of Scotland 5.6 million pounds for incorrectly or not reporting at all transactions it made in the wholesale market. The FCA said on Wednesday the bank 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 just over a third of relevant transactions by the bank over these periods and the FCA said many of the problems with RBS' systems were compounded by its takeover of ABN Amro in October 2007.

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