British Bank RBS Issues Year-End FX Probes Update - Investigations in Full Swing
- The ongoing internal investigations at banking giant RBS are at the mercy of six traders who face disciplinary action according to an annual update by the bank,with three of the traders already suspended.
Six FX traders involved in the currency manipulation case are expecting a cold-turkey as UK bank RBS confirms disciplinary action in a year-end note. The bank, one of five that faced monetary fines in November has been clamping down on its internal investigation. The current news comes as no surprise as the shadow of the forex rates crisis is still hovering over the city.
RBS provided a detailed update on the current status of its enhanced investigations into the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi rigging scandal at the bank. The bank mentioned that six individual traders are to face disciplinary action, with three of the six already under suspension. Furthermore, adding salt to the wounds of banks and their emphatic bonuses is the fact that 18 bankers are to be exempt from bonus Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl until the investigations are completed.
RBS’s Head of Conduct and Regulatory Affairs Jon Pain commented in a statement, “We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it. This is a complicated process but also an essential one in order to identify culpability and accountability for this unacceptable misconduct.
"To be clear no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered by the Remuneration Committee and the Board Risk Committee.”
Banks faced the limelight last month when authorities in the UK, Switzerland and USA issued substantial penalties against their failings to supervise the currency manipulation that has rocked the global financial marketplace. The banks in question paid a combined $4.25 billion last month to settle the civil matter. Edinburgh-based RBS settled fines with the three regulators for $634 million.
RBS like its peers has taken the matter seriously and has implemented additional resources for the matter. Last year, it employed Jon Pain as group head of Conduct & Regulatory affairs, from KPMG where he was a partner and head of the Financial Services Risk Consultancy practice.
Mr. Pain is a veteran in the regulatory sector having served at the UK regulatory authority, the FSA, as managing director of supervision during the crisis (2008 - 2011), according to the RBS website.
Mr. Pain adds: “There is no place for any misconduct at the RBS we are building. We want to get these things settled so we can put these issues behind us and get on with rebuilding trust in this bank.”
RBS is eighty one percent owned by the UK government after facing sustainability issues post 2008 global recession.
Six FX traders involved in the currency manipulation case are expecting a cold-turkey as UK bank RBS confirms disciplinary action in a year-end note. The bank, one of five that faced monetary fines in November has been clamping down on its internal investigation. The current news comes as no surprise as the shadow of the forex rates crisis is still hovering over the city.
RBS provided a detailed update on the current status of its enhanced investigations into the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi rigging scandal at the bank. The bank mentioned that six individual traders are to face disciplinary action, with three of the six already under suspension. Furthermore, adding salt to the wounds of banks and their emphatic bonuses is the fact that 18 bankers are to be exempt from bonus Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl until the investigations are completed.
RBS’s Head of Conduct and Regulatory Affairs Jon Pain commented in a statement, “We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it. This is a complicated process but also an essential one in order to identify culpability and accountability for this unacceptable misconduct.
"To be clear no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered by the Remuneration Committee and the Board Risk Committee.”
Banks faced the limelight last month when authorities in the UK, Switzerland and USA issued substantial penalties against their failings to supervise the currency manipulation that has rocked the global financial marketplace. The banks in question paid a combined $4.25 billion last month to settle the civil matter. Edinburgh-based RBS settled fines with the three regulators for $634 million.
RBS like its peers has taken the matter seriously and has implemented additional resources for the matter. Last year, it employed Jon Pain as group head of Conduct & Regulatory affairs, from KPMG where he was a partner and head of the Financial Services Risk Consultancy practice.
Mr. Pain is a veteran in the regulatory sector having served at the UK regulatory authority, the FSA, as managing director of supervision during the crisis (2008 - 2011), according to the RBS website.
Mr. Pain adds: “There is no place for any misconduct at the RBS we are building. We want to get these things settled so we can put these issues behind us and get on with rebuilding trust in this bank.”
RBS is eighty one percent owned by the UK government after facing sustainability issues post 2008 global recession.