The Royal Bank of Scotland (RBS) has been fined £5,620,300 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions it made in wholesale markets, and in some instances, failing to report transactions at all.
Regulators should start thinking about alternatives to fines, such as punishing banks with higher capital requirements in order to help remedy problems, says Craig Spielmann, head of operational risk for the Americas at RBS in New York.
The finance industry needs to put a stop to its sequence of scandals and work to rebuild trust, according to David Wright, secretary general of the International Organization of Securities Commissions.
UK bank RBS has been fined a collective £391m for its role in the Libor scandal, with the UK FSA’s investigation finding over 200 “inappropriate” rate submissions.
Two executives at Royal Bank of Scotland are reportedly under pressure to step down as US and UK regulators are concerned about the culture of the investment banking division at the bank.
The UK economy may never recover the £66bn spent on rescuing Royal Bank of Scotland (RBS) and Lloyds, a new report has warned.
Royal Bank of Scotland (RBS) is embarking on further cuts to its investor product and equity derivatives (IPED) unit, following the creation of employee consultation bodies for the UK and Europe, the Middle East and Africa last week.
Three UK banks have published details on the funding mismatches they would face in the event of peripheral eurozone countries reverting to legacy currencies – a risk for which the industry as a whole has been preparing for more than a year, by secretly building single-country balance sheets and trying to better-match assets and liabilities in each.
Royal Bank of Scotland has launched on Italy’s Borsa Italiana BOT market four bonds denominated in Nordic currencies and Swiss franc.
Federal Reserve proposals limiting counterparty risk could put RBS and the UK government in one pot – potentially forcing US banks to cut exposure to both.
The Royal Bank of Scotland (RBS) is fighting against a court order which requires it to co-operate with an international criminal investigation into rate-fixing.
While most of his compatriots celebrate US Independence Day, Bob Diamond will be setting off his own fireworks in front of the UK Treasury Select Committee, which has summoned him to account for Barclays’ role in fixing the Libor rate on various occasions between 2005 and 2008.