Lamport Bassitt Solicitors - Legal News - FSA issues �5.6m fine to RBS members


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS FSA issues �5.6m fine to RBS members Corporate organisations might have noted news that the Financial Services Authority (FSA) has fined members of the Royal Bank of Scotland Group (RBS) �5.6 million. This is due to a failure to put policies in place to prevent accounts being accessed by individuals on the treasury's targeted sanctions list. The FSA claims the lack of oversight resulted in unacceptable levels of risk with regards to terrorist organisations gaining access to funds. Margaret Cole, the regulator's director of enforcement and financial crime, stated: "The involvement of UK financial institutions in providing funds, economic resources or financial services to designated persons on the sanctions list undermines the integrity of the UK's financial services sector." She was also critical of the failure of RBS to screen relevant customers and payments in accordance with the law. The Bank of England recently reported that net lending to individuals went up by �0.6 billion in June. Posted by Isobel Whitely Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News