Click here to
Get an instant quote

RBS fined for reporting errors

RBS, which is owned by the taxpayer, has been given a fine to the tune of £5.6m for failing to file proper reports regarding wholesale market transactions.

The Financial Conduct Authority discovered that the financial institution hadn’t adhered to reporting regulations on over 30 percent of transactions between late 2007 and early this year.

The bank failed to report properly on nearly 45 million trades and didn’t report at all on a further 804,000 transactions, said the FCA.

Most errors involved a false reference code resulting in the FCA systems being unable to identify transaction counter-parties.

The FCA’s director of financial crime and enforcement, Tracey McDermott, said:

“These failures are particularly concerning because the FCA already provides extensive guidance to firms on how to submit and check these reports, and has taken action against seven firms, including Barclays and Credit Suisse, for similar reporting errors.”

RBS resigned early on in the investigation to settling and was given a 30 per cent fine reduction. The bank said in a statement that it did everything asked by the regulator during the entire investigation. It claimed to regret any omissions that were discovered and has since conducted a full investigation into its controls and systems in the area.

Any business, whether a small start-up or a large financial institution, can come under the microscope, so many will be ensuring that their accountant in the Wirral, or wherever they are based, is provided with all of the necessary information.

Posted by Peter
July 30, 2013
Research & Statistics

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment