RBS fined by US regulators

US REGULATORS have fined RBS $13.9m (£8.9m) after it was accused of misleading customers.

The bank’s US subsidiary, RBS Citizens, reached settlements with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, although it did not admit to any wrongdoing.

The regulators had claimed that RBS Citizens had misled customers about measures to transfer money from a savings account to a current account when a customer becomes overdrawn. It was fined $5m by each regulator and ordered to pay out another $3.9m to customers.