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FCA imposes fine of £5.6 million on RBS for misreporting

Submitted by Harish Dhawan on Thu, 07/25/2013 - 13:32. 

• Finance Sector
 
• Featured
 
• TNM
• United Kingdom

The Financial Conduct Authority (FCA) has imposed a penalty of £5.6 million on the state-owned Royal Bank of Scotland for issues in reporting trades to regulators.

The regulator has alleged that the Edinburgh-based bank did not report more than a third of its investment banking deals during a period of five and half years. Misreporting occurred under the leadership of both Fred Goodwin and outgoing chief executive Stephen Hester. The practice also continued after the bank was contacted by the Financial Services Authority in 2010.