RBS counts cost of eight fines

The regulator has fined RBS eight times since 2002

The regulator has fined RBS eight times since 2002

First published in National News © by

Royal Bank of Scotland has been hit with eight fines from the City regulator since 2002, with the penalties adding up to £131.8 million.

Seven of these have occurred in the last four years, after the lender's £45 billion taxpayer bailout at the height of the financial crisis

Here is a list of each occasion the bank has been fined by the Financial Conduct Authority (FCA) and its predecessor the Financial Services Authority (FSA)

:: December 2002. RBS fined £750,000 for failing to carry out basic customer checks necessary to stop money laundering, though there was no evidence of actual laundering having taken place.

:: August 2010. Fine of £5.6 million after RBS and its NatWest, Ulster Bank and Coutts arms failed to screen customers against the sanctions list between December 2007 and December 2008, putting it at risk of laundering money for terrorists.

:: January 2011. FSA hands the group a penalty of £2.8 million for multiple failings in the way it handled customers' complaints.

:: November 2011. Coutts, the private bank owned by RBS that counts the Queen among its clients, is fined £6.3 million for misleading customers over a savings product linked to bailed-out US insurer AIG.

:: March 2012. Coutts handed a penalty of £8.75 million for failing to do enough to ensure it was not handling laundered money.

:: February 2013. RBS agrees £391 million settlements with regulators on both sides of the Atlantic over its role in the Libor rate-rigging scandal from 2006 to 2010, including an FSA penalty of £87.5 million.

:: July 2013. The group is fined £5.6 million for failing properly to report almost 45 million deals it made on wholesale money markets over more than five years to February 2013.

:: August 2014. RBS handed penalty of £14.5 million for serious failings in its advice to mortgage customers from June 2011 to March 2013.

Other regulatory fines have included a £325 million settlement last December with European regulators over rate-rigging, as well as hundreds of millions in pay-outs to US authorities for sanctions-busting allegations and the mis-selling of mortgage-backed investments.

Meanwhile, it has set aside £3.25 billion to cover payment protection insurance mis-selling and £1.3 billion for interest rate swaps - complex financial products which were sold to small firms.


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