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US hits RBS with US$500m penalty for deceptive investments

Settlement includes US$400m worth of consumer relief as a result of the sale of mortgage-backed securities

Published Wed, Mar 7, 2018 · 09:50 PM
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New York

US authorities on Tuesday hit the Royal Bank of Scotland (RBS) with a US$500 million penalty for "deceptive practices" in mortgage investments that it sold in the run-up to the global financial crisis.

The penalty follows US$5.5 billion which the bank, once the largest in the world, agreed in 2017 to pay a US regulator.

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