FCA Fines Royal Bank Of Scotland £5.6 Million For Failing To Report Transactions
by
Andrew Saks McLeod
Whilst regulatory authorities are busily engaged in defining the methods by which they intend to reform financial markets, one such aspect is trade and transaction reporting. The FCA demonstrates that this is also part of its remit by issuing RBS with a penalty.
The regulatory structure in most Western countries nowadays is becoming not only extremely well organized and detailed, but also very strict. Just this year, Australia, New Zealand, Japan and probably most conspicuously, the United States have all been involved in very detailed reformation process as to how to monitor activity in the financial markets under their jurisdiction.
FCA Shows Its Might
Britain is no exception, and with the recent handover of regulatory responsibility to the newly formed Financial Conduct Authority (FCA)) after the long-established Financial Services Authority was consigned to the history books in April this year. The new regulatory authority is keen to demonstrate its might in order to gain credibility as the authority which oversees the world’s largest financial center, London.
There has been considerable attention devoted to transaction and trade reporting procedures recently, one poignant example being that of the Dodd-Frank Act’s stipulation in the United States that all electronic trades should be recorded by a trade repository. The FCA is going down a similar route, and requires all transactions to be reported.
Royal Bank of Scotland Hit With Fine
Yesterday, the FCA issued a penalty to the value of £5.6 million to Royal Bank of Scoltand for failing to properly report 44.8 million transactions between November 2007 and February 2013.
The FCA detailed that the financial institution failed altogether to report 804,000 transactions between November 2007 and February 2012. This represents 37% of relevant transactions carried out by RBS in this period, and breaches FCA rules on transaction reporting and its requirements for firms to have adequate management and controls.
Tracey McDermott, the FCA’s Director of Enforcement and Financial Crime, said: "Effective market surveillance depends on accurate and timely reporting of transactions. We have set out clear guidance on transaction reporting, backed up by extensive market monitoring, and we expect firms to get it right. As well as a financial penalty, firms can expect to incur the cost of resubmitting historically incorrect reports. We will continue to take appropriate action against any firm that fails to meet our requirements.''
The FCA’s overall objective is to ensure that markets function well. Accurate and complete transaction reporting by firms is an essential tool in delivering this objective. The FCA uses these reports in a number of ways – including identifying and investigating suspected market abuse, for example insider trading and market manipulation. The FCA has stipulated that should the FCA sees any evidence of firms not acting properly it will not hesitate to act.
Reason For Concern
According to the FCA, these particular failures at Royal Bank of Scotland are particularly concerning because the FCA already provides extensive guidance to firms on how to submit and check these reports, and has taken action against seven firms, including Barclays and Credit Suisse, for similar reporting errors. The size of the fine reflects the serious nature of the issue. RBS agreed to settle at an early stage of the investigation, and received a 30% reduction of their fine.
The regulatory structure in most Western countries nowadays is becoming not only extremely well organized and detailed, but also very strict. Just this year, Australia, New Zealand, Japan and probably most conspicuously, the United States have all been involved in very detailed reformation process as to how to monitor activity in the financial markets under their jurisdiction.
FCA Shows Its Might
Britain is no exception, and with the recent handover of regulatory responsibility to the newly formed Financial Conduct Authority (FCA)) after the long-established Financial Services Authority was consigned to the history books in April this year. The new regulatory authority is keen to demonstrate its might in order to gain credibility as the authority which oversees the world’s largest financial center, London.
There has been considerable attention devoted to transaction and trade reporting procedures recently, one poignant example being that of the Dodd-Frank Act’s stipulation in the United States that all electronic trades should be recorded by a trade repository. The FCA is going down a similar route, and requires all transactions to be reported.
Royal Bank of Scotland Hit With Fine
Yesterday, the FCA issued a penalty to the value of £5.6 million to Royal Bank of Scoltand for failing to properly report 44.8 million transactions between November 2007 and February 2013.
The FCA detailed that the financial institution failed altogether to report 804,000 transactions between November 2007 and February 2012. This represents 37% of relevant transactions carried out by RBS in this period, and breaches FCA rules on transaction reporting and its requirements for firms to have adequate management and controls.
Tracey McDermott, the FCA’s Director of Enforcement and Financial Crime, said: "Effective market surveillance depends on accurate and timely reporting of transactions. We have set out clear guidance on transaction reporting, backed up by extensive market monitoring, and we expect firms to get it right. As well as a financial penalty, firms can expect to incur the cost of resubmitting historically incorrect reports. We will continue to take appropriate action against any firm that fails to meet our requirements.''
The FCA’s overall objective is to ensure that markets function well. Accurate and complete transaction reporting by firms is an essential tool in delivering this objective. The FCA uses these reports in a number of ways – including identifying and investigating suspected market abuse, for example insider trading and market manipulation. The FCA has stipulated that should the FCA sees any evidence of firms not acting properly it will not hesitate to act.
Reason For Concern
According to the FCA, these particular failures at Royal Bank of Scotland are particularly concerning because the FCA already provides extensive guidance to firms on how to submit and check these reports, and has taken action against seven firms, including Barclays and Credit Suisse, for similar reporting errors. The size of the fine reflects the serious nature of the issue. RBS agreed to settle at an early stage of the investigation, and received a 30% reduction of their fine.
Retail Broker Acetop UK Quadruples 2023 Revenue, Significantly Narrows Losses
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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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
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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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.
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Tune in for expert analysis on the future of trading and innovative funding models.
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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.
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