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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.

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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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