RBS hit with £5.6m fine over reporting failures The Financial Conduct Authority (FCA) said the taxpayer-owned lender had failed to report properly 44.8m transactions between November 2007 and February of this year, and entirely failed to disclose 804,000 between November 2007 and February 2012. RBS could have been fined £8m if it had not settled early with the FCA and has had to spend a further £14.5m resubmitting incorrect reports and fixing its IT systems. The failures meant 37pc of the transactions handled by RBS's investment banking arm and treasury department were incorrectly reported in some way, meaning millions of trades in shares, bonds and a range of other financial products were never properly disclosed to the authorities. While there is no direct evidence of any specific damage to the market as a result of the bank's actions, it could have allowed crimes such as insider trading or other forms of market abuse to have gone on unnoticed. We have set out clear guidance on transaction reporting, back up by extensive market monitoring, and we expect firms to get it right," said Tracey McDermott, head of enforcement and financial crime at the FCA. An RBS spokesman said: "RBS fully cooperated with the regulator throughout the investigation. We regret the failings that were uncovered and have subsequently made significant investments to our systems and controls in this area. RBS's problems stem from its 2007 acquisition of large parts of ABN Amro. The integration of the Dutch financial group's computer systems with those of RBS's proved more complex than had been expected and lead to many of the failures. However, the FCA said RBS "should have been able to overcome these challenges" given the resources at its disposal. The fine is just the latest to hit RBS's investment banking arm, which earlier this year admitted its involvement in Libor-rigging. RBS has paid £390m in fines to British and US regulators as a result of its involvement in the scandal.