RBS Fined £5.6m Over Accounting Failures

The Royal Bank of Scotland has been fined £5.6m by the City regulator for incorrectly and sometimes failing to report transactions made in wholesale markets.

The Financial Conduct Authority (FCA) said RBS failed to properly report 44.8 million transactions between November 2007 and February 2013.

It added that the taxpayer-backed bank failed altogether to report 804,000 transactions between November 2007 and February 2012.

The FCA said it represented 37% of relevant transactions carried out by RBS in this period.

It added that the bank breached FCA rules on transaction reporting and its requirements for firms to have adequate management and controls.

The watchdog said many of the problems with RBS' own systems were compounded by the takeover of ABN Amro in October 2007.

But it said that because of considerable resources available to RBS, it should have been able to overcome these challenges and ensure adequate systems and controls were in place.

Tracey McDermott, the FCA's director of enforcement and financial crime, said: "Effective market surveillance depends on accurate and timely reporting of transactions.

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

As well as a financial penalty, firms can expect to incur the cost of resubmitting historically incorrect reports.

Ms McDermott added: "We will continue to take appropriate action against any firm that fails to meet our requirements."

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