RBS fined £5.6m for wrongly reporting millions of trades

 
Tim Wallace
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CHAOS at RBS in the takeover of ABN Amro led to the bank making errors in the reporting of tens of millions of wholesale transactions, the Financial Conduct Authority said yesterday.

Between November 2007 and February 2012 the bank wrongly reported 44.8m transactions and failed to report a further 804,000.

The FCA concluded RBS did not make the mistakes deliberately, but did have the resources to make sure the errors were not made, fining the bank £5.62m for the failings.

“Effective market surveillance depends on accurate and timely reporting of transactions,” said FCA enforcement head Tracey McDermott.

“We have set out clear guidance on transaction reporting, backed up by extensive market monitoring, and we expect firms to get it right.”

The bank will have to resubmit the correct data for the trades in question.

“RBS fully cooperated with the regulator throughout the investigation,” the bank said in a statement.

“We regret the failings that were uncovered and have subsequently made significant investments to our systems and controls in this area.”