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RBS pays the price for ‘legacy conduct issues’

Royal Bank of Scotland has detailed the “material impact” of “conduct issues” as part of its 2012 annual figures, these include:

  • A £450 million charge in relation to Payment Protection Insurance (PPI)
  • RBS provided £50 million over structured collar products
  • A further charge of £650 million over interest rate hedging products

Penalties of £381 million will be paid for Libor and other trading rates following an agreement with the Financial Services Authority earlier this month.