MPs blast RBS dishonesty over help for small firms November 23, 2014 Top RBS executives deliberately misled MPs who were investigating allegations of the mistreatment of small firms, an influential committee claimed yesterday. Bosses at the bailed out bank told the Treasury Select Committee of MPs that its Global Restructuring Group (GRG) – meant to help turn around struggling firms – was not a profit centre. But [...]
From Ukip and bird flu to RBS and Lidl: 10 things we learned this week November 21, 2014 1. Ukip got its second member of parliament. Mark Reckless retook the seat he'd held as a Conservative. But that was really the side show to accusations of snobbish tweets and comments around immigration that were so inflamatory Ukip distanced itself from them. 2. Bird flu returned to the UK. It's unlikely to pose [...]
Bank of England fines RBS over payments crash November 20, 2014 NEGLECTED IT systems could put the safety and soundness of RBS at risk, the Bank of England warned yesterday as it teamed up with the City watchdog to fine the bank £56m. The regulators were investigating a serious payments system crash, which locked millions of customers out of their accounts in mid-2012. It is a [...]
As RBS is fined for its 2012 computer failure, are IT meltdowns the biggest risk to banks? November 20, 2014 Paul Thomalla, senior vice-president and managing director for Europe, the Middle East and Africa at ACI Worldwide, says Yes. The antiquated IT infrastructure of many of our biggest financial institutions is a ticking time bomb. The payments community has been warning for years that it isn’t up to scratch, but retail banks have been like [...]
RBS slapped with higher-than-expected £56m fine for 2012 IT glitch November 20, 2014 The Royal Bank of Scotland (RBS) has agreed a £56m settlement with financial regulators for an IT system failure in June 2012 – £6m more than the £50m penalty analysts had expected. The glitch, which began during a software upgrade to the bank's payment processing system, left over six million of its customers unable [...]
RBS braced for £50m fine over 2012 IT systems failure November 19, 2014 RBS is today expected to receive a fine over its systems failures, which left millions of customers unable to spend or transfer money. The fine comes more than two years after the 2012 crash which watchdogs are investigating, and is expected to come to around £50m. City regulators have been investigating the 2012 failures, but it [...]
RBS could pay fine worth tens of millions of pounds next week for 2012 IT failures November 16, 2014 Royal Bank of Scotland will this week be asked to fork out an eight-figure fine for its 2012 IT failures, according to reports. It has been expected that the Financial Conduct Authority (FCA) would issue RBS with a fine worth tens of millions of pounds over the bank’s technical failures in June 2012. [...]
Forex rigging scandal: RBS, UBS, HSBC, JP Morgan and Citi set for lawsuit storm after £2bn FCA fine November 12, 2014 Funds, companies and other traders hurt by banks manipulating the foreign exchange markets could make claims totalling many billions of pounds, lawyers said yesterday. Five banks were fined a total of £2bn by the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission authorities because their traders fiddled key currency benchmarks. But the [...]
Forex rigging scandal: How the FCA fines have hit RBS, HSBC, Bank of America, JP Morgan, Citi and UBS November 12, 2014 RBS RBS is the most apologetic of the banks, in part because it is 81 per cent taxpayer owned, and in part because its chief executive joined after the wrongdoing. “To say I’m angry about this misconduct would be an understatement,” chief Ross McEwan said yesterday. “We’ve had people working in this bank who didn’t [...]
RBS says it is reviewing staff conduct following Forex scandal fine November 12, 2014 The Royal Bank of Scotland (RBS) has announced that it is investigating the conduct of over 50 members of its staff, in a sign of penitence for its involvement in the Forex market rigging scandal. This morning, five banks including RBS were given hefty fines by the Financial Conduct Authority (FCA) for "failing to [...]