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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.