RBS given £5.6m fine

<p>RBS has apologised for failing to properly report millions of trades.</p>

The Royal Bank of Scotland (RBS) has apologised after it admitted that it failed to properly report millions of trades to the authorities.

It accepted a £5.6 million fine following an investigation by the Financial Conduct Authority and stated measures have been taken to ensure this does not happen again in the future.

Regulators found that during the period between November 2007 and February 2013, there were mistakes in more than a third of the transactions made by RBS.

"RBS fully co-operated with the regulator throughout the investigation," the bank said in a statement, adding: "We regret the failings that were uncovered and have subsequently made significant investments in our systems and controls in this area."

Despite this news, the share price of RBS is slightly up this morning in early trading.

At 08:34 BST, its stocks were trading 0.38 per cent higher than at the start of the session.

UK chancellor George Osborne recently admitted he is considering selling off shares in RBS, which was bailed out by the government during the recession.

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