11:57 am, Wed 24 Jul 2013
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
10:50 am, Wed 24 Jul 2013
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."
10:39 am, Wed 24 Jul 2013
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.
10:27 am, Wed 24 Jul 2013
The bank has been fined £5.6 million
Credit: David Cheskin/PA Wire
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.