Royal Bank of Scotland (RBS) has been fined US$5.5bn (£4.2bn) in the US for misselling residential mortgage backed securities (RMBS) in the period preceding the 2008 global financial crisis.
Ross McEwan, the bank’s chief executive, commented: “This settlement is a stark reminder of what happened to this bank before the financial crisis, and the heavy price paid for its pursuit of global ambitions.
“Today’s announcement is an important step forward in resolving one of the most significant legacy matters facing RBS and is further evidence of the determination of the bank’s leadership to put our remaining issues behind us.”
The penalty, imposed by the Federal Housing Finance Agency, is one of several that the bank faces from US authorities over the sale of bonds with a potentially even heavier fine likely from the Department of Justice (DoJ). RBS has made a £6.6bn provision for misselling penalties.
In preparation for Europe’s new data security requirements next May, the consultancy has developed a mobile device management solution.
The island was the first European Union jurisdiction to legislate allowing Protected Cell Companies back in 2001.
The digital challenger bank is buying the London upmarket department store’s banking arm, which has been is business nearly 125 years.
A total of 11 banks have collaborated with the blockchain consortium and technology partner CGI over the past year on developing trade finance projects.