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UK Fines Royal Bank of Scotland Group PLC Over Accounting Failures-DJ
Dow Jones reported that Royal Bank of Scotland Group PLC has been fined GBP5.6 million ($8.58 million) by the U.K. Financial Conduct Authority over bad record keeping. The FCA, one of the U.K.'s two newly minted financial regulators, said that RBS failed to accurately report around 44.8 million transactions it executed between November 2007 and February 2013, and made no report at all of 804,000 transactions between November 2007 and February 2012. The FCA requires that companies submit records of market transactions, including details such as the product traded, the counterparty and the price. Breaches by RBS included submitting incorrect prices or recording the wrong time of day on trades, the FCA said. The FCA said RBS's failures were particularly concerning because it had already taken action against a string of other firms in the period under review.
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