[BREAKING] RBS MAY BE FINED FOR MARKET RIGGING Royal Bank of Scotland sets aside £400m for forex-rigging fines Bank follows Barclays and Citigroup in preparing for expected penalties – and adds £100m to provision for mis-selling PPI. Royal Bank of Scotland is the latest bank preparing for a fine for rigging the currency markets, by setting aside £400m to cover the cost of the investigation into the £3.5tn-a-day market. The 81% taxpayer-owned bank is also adding £100m to its provisions to cover the cost of mis-selling payment protection insurance, following responses by other high street banks to increased applications for compensation in what is already the costliest mis-selling scandal in history. Another £180m is earmarked for other penalties including the IT meltdown in 2012, which left customers locked out of their accounts, including those at Ulster Bank who were affected for more than three weeks. RBS said it expected to enter settlement talks with the Irish regulators at the end of the year. theguardian/business/2014/oct/31/royal-bank-of-scotland-rbs-sets-aside-400m-forex-rigging-fines
Posted on: Fri, 31 Oct 2014 10:56:31 +0000