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RBS Picks up yet Another Multi-Million Pound Fine - Business as Usual
RBS Picks up yet Another Multi-Million Pound Fine - Business as Usual
by
George Tchetvertakov
With the latest FCA penalty confirming ‘serious failings’ in advising 30,000 mortgage customers, the troubled bank is as far from a clean slate as ever, facing several forthcoming cases including FX manipulation.
One of the UK's largest commercial banks and mortgage lenders, The Royal Bank of Scotland (RBS), has been fined £14.5 million by the Financial Conduct Authority (FCA) for what the regulator describes as “serious failings in its advice to mortgage customers."
According to the FCA, only “2 out of 164 mortgage sales reviewed between 2011 and 2013 met the required standards” expected by the regulator. The FCA also reported that RBS and its retail business, NatWest, “failed to consider the full extent of a customer’s budget when making a recommendation” and failing to provide suitable mortgage terms for customers.
RBS and NatWest have admitted that as many as 30,000 customers have been potentially affected since 2011.
The FCA’s predecessor, the Financial Services Authority (FSA), raised concerns in November 2011 relating to telephone and face-to-face sales tactics used by RBS and NatWest sales staff.
In July 2012 the firm’s Chief Executive, Stephen Hester, assured the FSA that the necessary changes were under way even though nothing was being done. Over a year since initial concerns were raised both RBS and NatWest have still not augmented their business practices in line with FSA recommendations.
Looking Back
Mr. Hester’s tenure as CEO began in 2008 and ended in 2013, to be replaced by New Zealander Ross McEwan, formerly the Head of NatWest. For his diligent service Mr. Hester received 12 months pay and benefits worth £1.6 million, as well as the potential for £4 million in RBS shares.
Prior to Mr. Hester, the bank was led by the indomitable Frederick Goodwin, dubbed by some as ‘Fred the Shred’ for his ability to shred whole departments and terminate hundreds of employees in a single day, thus ‘streamlining’ operations and achieving a higher rate of return for shareholders.
Under Mr. Goodwin's leadership the RBS was brought to near collapse, after an aggressive global expansion, which included the ill-fated purchase of Dutch lender ABN Amro and heavy involvement in the US subprime market which suffered heavy losses as a result of the 2008 financial crisis and ensuing instability of the global banking system.
RBS was in such dire straits that it needed a Government bailout in the region of £38 billion ($60 million) to remain operational and avoid bankruptcy. The UK Treasury maintains an 80% stake in the bank to this day.
Not the First of Many
The latest FCA fine regarding mortgages is not the first for RBS. Over the past 7 years the bank has become embroiled in a litany of malpractice cases in both the UK and the US. In many cases RBS was found to be colluding with other banks to obtain a competitive advantage and increase profit margins.
On January 20, 2011, RBS was fined £29 million for anti-competitive practices conducted in tandem with Barclays Bank in relation to the pricing of loan products for large professional services firms.
Two years later, the bank was hit with a £390 million penalty for taking part in fixing and manipulating LIBOR rates in tandem with other US and UK-based entities. During the investigation, the FCA and SEC found "widespread” collusion involving several employees with offenses “occurring over a number of years." between 2006 and 2010.
In addition to the fines and regulatory actions RBS has already faced, there is further regulatory trouble ahead. The bank has allocated £3.2 billion in compensation for mis-sold insurance and a settlement with the FCA’s enforcement division over an IT systems failure in 2012 which is due by the end of the year.
In July 2014, Mr.McEwan and Sir Philip Hampton, RBS Chairman, identified ongoing litigation risks as "among the most significant threats to RBS’s continuing recovery."
Fool Me Once Shame on You, Fool Me Twice Shame on Me
The calamity of failings and repeated interaction with the FSA/FCA suggests RBS continues to operate with serious failings still in place across most business divisions globally – despite regulatory warnings, fines and media scrutiny. The self-regulatory model is generally very business friendly and allows great flexibility for management level executives to use it to their advantage.
If a new market is available for exploration and profit extraction, the self-regulatory model allows for a rapid market entry, maximal entrepreneurial leeway and no scrutiny. If existing business processes are displaying ‘serious failings,’ the self-regulatory model allows for months, if not years of dialogue, multiple opportunities to rectify the failings, regurgitation of guidelines, advice, no threat of criminal proceedings and a helpful 30% discount if the perpetrator decides to settle early.
It seems regulators such as the FCA are being used by influential market participants to facilitate their 'questionable' practices rather than being ‘regulated’ in their activities. The daunting question is how many other activities has RBS (and other banks) been involved in that fall short of regulatory recommendations and have not been noticed by the FCA? Probably many.
One of the UK's largest commercial banks and mortgage lenders, The Royal Bank of Scotland (RBS), has been fined £14.5 million by the Financial Conduct Authority (FCA) for what the regulator describes as “serious failings in its advice to mortgage customers."
According to the FCA, only “2 out of 164 mortgage sales reviewed between 2011 and 2013 met the required standards” expected by the regulator. The FCA also reported that RBS and its retail business, NatWest, “failed to consider the full extent of a customer’s budget when making a recommendation” and failing to provide suitable mortgage terms for customers.
RBS and NatWest have admitted that as many as 30,000 customers have been potentially affected since 2011.
The FCA’s predecessor, the Financial Services Authority (FSA), raised concerns in November 2011 relating to telephone and face-to-face sales tactics used by RBS and NatWest sales staff.
In July 2012 the firm’s Chief Executive, Stephen Hester, assured the FSA that the necessary changes were under way even though nothing was being done. Over a year since initial concerns were raised both RBS and NatWest have still not augmented their business practices in line with FSA recommendations.
Looking Back
Mr. Hester’s tenure as CEO began in 2008 and ended in 2013, to be replaced by New Zealander Ross McEwan, formerly the Head of NatWest. For his diligent service Mr. Hester received 12 months pay and benefits worth £1.6 million, as well as the potential for £4 million in RBS shares.
Prior to Mr. Hester, the bank was led by the indomitable Frederick Goodwin, dubbed by some as ‘Fred the Shred’ for his ability to shred whole departments and terminate hundreds of employees in a single day, thus ‘streamlining’ operations and achieving a higher rate of return for shareholders.
Under Mr. Goodwin's leadership the RBS was brought to near collapse, after an aggressive global expansion, which included the ill-fated purchase of Dutch lender ABN Amro and heavy involvement in the US subprime market which suffered heavy losses as a result of the 2008 financial crisis and ensuing instability of the global banking system.
RBS was in such dire straits that it needed a Government bailout in the region of £38 billion ($60 million) to remain operational and avoid bankruptcy. The UK Treasury maintains an 80% stake in the bank to this day.
Not the First of Many
The latest FCA fine regarding mortgages is not the first for RBS. Over the past 7 years the bank has become embroiled in a litany of malpractice cases in both the UK and the US. In many cases RBS was found to be colluding with other banks to obtain a competitive advantage and increase profit margins.
On January 20, 2011, RBS was fined £29 million for anti-competitive practices conducted in tandem with Barclays Bank in relation to the pricing of loan products for large professional services firms.
Two years later, the bank was hit with a £390 million penalty for taking part in fixing and manipulating LIBOR rates in tandem with other US and UK-based entities. During the investigation, the FCA and SEC found "widespread” collusion involving several employees with offenses “occurring over a number of years." between 2006 and 2010.
In addition to the fines and regulatory actions RBS has already faced, there is further regulatory trouble ahead. The bank has allocated £3.2 billion in compensation for mis-sold insurance and a settlement with the FCA’s enforcement division over an IT systems failure in 2012 which is due by the end of the year.
In July 2014, Mr.McEwan and Sir Philip Hampton, RBS Chairman, identified ongoing litigation risks as "among the most significant threats to RBS’s continuing recovery."
Fool Me Once Shame on You, Fool Me Twice Shame on Me
The calamity of failings and repeated interaction with the FSA/FCA suggests RBS continues to operate with serious failings still in place across most business divisions globally – despite regulatory warnings, fines and media scrutiny. The self-regulatory model is generally very business friendly and allows great flexibility for management level executives to use it to their advantage.
If a new market is available for exploration and profit extraction, the self-regulatory model allows for a rapid market entry, maximal entrepreneurial leeway and no scrutiny. If existing business processes are displaying ‘serious failings,’ the self-regulatory model allows for months, if not years of dialogue, multiple opportunities to rectify the failings, regurgitation of guidelines, advice, no threat of criminal proceedings and a helpful 30% discount if the perpetrator decides to settle early.
It seems regulators such as the FCA are being used by influential market participants to facilitate their 'questionable' practices rather than being ‘regulated’ in their activities. The daunting question is how many other activities has RBS (and other banks) been involved in that fall short of regulatory recommendations and have not been noticed by the FCA? Probably many.
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔