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US bars RBS in rare warning to banks

Scottish bank prohibited from managing 401(k) plans and other retirement funds after admitting to wrongdoing
Friday, October 14, 2016 - 05:50

New York

THE US government has prohibited Royal Bank of Scotland Group Plc (RBS) from managing 401(k) plans and other retirement funds - a decision that has little impact on its business but that could send a signal to other banks and hedge funds with criminal records.

RBS was