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RBS reports £1.27 billion profit for third financial quarter

Royal Bank of Scotland has reported third quarter profits of £1.27 billion, compared with a loss of £634 million in the same period last year.

It is the first time the bank has reported a profit for three quarters in a row since the height of the financial crisis, in which the bank nearly collapsed.

Royal Bank of Scotland is 80% owned by the British taxpayer. Credit: PA Wire

RBS also said it was setting aside £400 million to settle foreign exchange rate-rigging allegations.

RBS, which is 80% owned by the taxpayer after being rescued during the financial crisis, said it was putting aside a further £100 million to cover compensation payouts for customers mis-sold payment protection insurance.


NatWest and RBS customers 'unable to withdraw cash'

NatWest and RBS customers have been unable to withdraw cash from other than the banks' own cash machines, the bank said.

Customers have taken to Twitter to complain about the problem.

RBS' spokeswoman Nicky Harris said customers should be able to withdraw cash from RBS and NatWest ATMs, but that they are experiencing problems while using other banks' machines.

NatWest customers 'can't withdraw money from ATMs'

NatWest bank customers have taken to social media to complain about being unable to withdraw money from their accounts. Many have voiced their frustration on Twitter.

A spokesperson said the bank is investigating the issue.


RBS plots Scotland exit due to 'material uncertainties'

Royal Bank of Scotland, which has been based in Scotland since 1727, has said there are a number of "material uncertainties" arising from the Scottish referendum vote that could force its relocation to England.

A statement said the "uncertainties" could have a bearing on the Bank's credit ratings, and the fiscal, monetary, legal and regulatory landscape, adding:

For this reason, RBS has undertaken contingency planning for the possible business implications of a Yes vote.

RBS believes that this is the responsible and prudent thing to do and something that its customers, staff and shareholders would expect it to do.


RBS said any move to re-domicile the Bank's holding company and its main operating entity should have no impact on everyday banking services, while it would retain a significant level of its operations and employment in Scotland.

Standard Life has also advised investors it is "planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so".

RBS confirms plans to relocate if Scotland quits union

Royal Bank of Scotland has confirmed it plans to move its holding company to England if Scotland votes for independence in next week's referendum.

The Treasury said last night that officials from RBS had told them the bank was ready to follow Lloyds Banking Group with plans to relocate to London in the event of a majority Yes vote next Thursday.

Scotland-based financial institutions see shares fall

Shares in Scotland-based financial institutions Royal Bank of Scotland, Lloyds Banking Group and Standard Life fell by more than 2% in the wake of the latest opinion poll.

Perth-based energy supplier SSE was also fell.

RBS and Lloyds have seen shares fall by 2%. Credit: Philip Toscano/PA Wire

Edinburgh-based Standard Life, which has been based in Scotland for 189 years, recently complained that it was still in the dark over "material issues" surrounding independence.

RBS 'failed to act' on FCA mortgage advice concerns

The Financial Services Authority, the FCA's predecessor, raised concerns in November 2011 about branch and telephone sales at RBS and NatWest but it was almost a year later before the firms started to take steps to put things right.

The firms made assurances to the FSA in July 2012 that the necessary changes were underway to address the regulator's concerns, but the FCA said this "failed to happen".

Where we raise concerns with firms we expect them to take effective action to resolve them without delay. This simply failed to happen in this case.

Taking out a mortgage is one of the most important financial decisions we can make. Poor advice could cost someone their home so it's vital that the advice process is fit for purpose. Both firms failed to ensure that their customers were getting the best advice for them.

– Tracey McDermott, director of enforcement and financial crime at the FCA
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