RBS bank fined $11m by UK financial conduct watchdog

A man walks past a Royal Bank of Scotland (RBS) sign in central London on Feb 24, 2011. Britain's Financial Conduct Authority (FCA) has fined RBS 5.6 million pounds (S$10.9 million) for incorrectly or not reporting at all transactions it made in the
A man walks past a Royal Bank of Scotland (RBS) sign in central London on Feb 24, 2011. Britain's Financial Conduct Authority (FCA) has fined RBS 5.6 million pounds (S$10.9 million) for incorrectly or not reporting at all transactions it made in the wholesale market. -- FILE PHOTO: AFP

LONDON (REUTERS) - Britain's Financial Conduct Authority (FCA) has fined Royal Bank of Scotland 5.6 million pounds (S$10.9 million) for incorrectly or not reporting at all transactions it made in the wholesale market.

The FCA said on Wednesday the bank failed to properly report 44.8 million transactions between November 2007 and February 2013, and failed altogether to report 804,000 transactions between November 2007 and February 2012.

This represents just over a third of relevant transactions by the bank over these periods and the FCA said many of the problems with RBS' systems were compounded by its takeover of ABN Amro in October 2007.