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U.K. Regulators Fine RBS, Two Others £56M for IT Lapses

Roberta Holland | November 26, 2014

Two United Kingdom regulators last week hit three banks with a combined £56 million in fines for deficiencies in their IT systems during 2012, which affected more than 6.5 million customers.

The fines levied against Royal Bank of Scotland Plc (RBS), National Westminster Bank Plc (NatWest), and Ulster Bank Ltd. marked the first joint enforcement action by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) since the two regulators were created in 2012. The FCA fined the banks £42 million, while the PRA fined the banks £14 million.

The banks, members of the Edinburgh-based RBS Group, agreed to the settlement early into the investigation, which qualified the banks for a 30 percent reduction in fines, the FCA said. The Central Bank of Ireland took...

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