RBS fined £5.6 million

Royal Bank of Scotland has been fined £5.6 million by the Financial Conduct Authority for incorrectly reporting transactions it made on wholesale money markets.

RBS 'regrets failings' after hefty fine

The Royal Bank of Scotland said it "regrets" its failure to correctly report transactions after being fined £5.6 million:

RBS fully cooperated with the regulator throughout the investigation. We regret the failings that were uncovered and have subsequently made significant investments to our systems and controls in this area.

– RBS statement

RBS fine was reduced by 30% after settlement

The Royal Bank of Scotland agreed a settlement with the FCA Credit: Johnny Green/PA Wire

The Royal Bank of Scotland's fine for incorrectly reporting transactions was reduced by 30 percent after the bank reached a settlement with the Financial Conduct Authority.

"The size of the fine reflects the serious nature of the issue," the FCA said after fining the bank £5,620,300.

"RBS agreed to settle at an early stage of the investigation."

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RBS failed to properly report almost 45m transactions

The Royal Bank of Scotland failed to properly report 44.8 million transactions between 2007 and 2013, the Financial Conduct Authority has said.

The FCA also said the bank "failed altogether" to report 804,000 transactions in the same period - between November 2007 and February 2013.

The figures meant 37% of relevant transactions carried out by RBS in the period were not properly reported, the FCA said.