RBS fined £5.6m for report breaches

AOL Money Staff

Taxpayer-backed Royal Bank of Scotland has been fined £5.6 million by a City watchdog for failing to properly report almost 45 million deals it made on wholsesale money markets.

The Financial Conduct Authority (FCA) said the bank broke reporting rules on more than a third of its wholesale market transactions for more than five years until February this year.