Bank pay-out ordered.THE Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba has been forced to pay more than pounds 400,000 in fines, costs and compensation for breaching regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. rules. It was fined pounds 100,000, with pounds 60,000 costs, and ordered to pay compensation of pounds 250,000 to about 4,000 investors. The penalties were imposed by the Investment Management Regulatory Organisation (IMRO IMRO Irish Music Rights Organisation IMRO Investment Management Regulatory Organisation IMRO Internal Macedonian Revolutionary Organization IMRO Interactive Marketing Research Organisation ) and relate to lapses in the bank's global custody business - which involves looking after assets like stocks and shares - and the running of its Personal Equity Plan business. A spokesman for the bank said: "This case related to a problem which was identified by us as a result of checks which we made and we notified IMRO of the problem. "The problems identified have been rectified rectified refined; made straight. and customers have been compensated for the failures." |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion