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RBS regrets not acting earlier on client forex complaints
[LONDON] Royal Bank of Scotland's received client complaints about foreign exchange trading practices as far back as 2010 and Chairman Philip Hampton said it was regrettable the bank did not respond to these earlier. "Two clients did express some concerns and, with hindsight, I don't think we followed them up terribly fully," Hampton told reporters on a conference call on Wednesday, after the bank was fined US$634 million by US and UK financial regulators.
The Financial Conduct Authority (FCA) said RBS had failed to prevent traders from colluding and attempting to manipulate currency markets despite receiving another client complaint in Jan. 2012.
In Nov 2011, a trader questioned whether it was inappropriate to share information with traders at other firms or with clients.
RBS was one of five banks to settle UK and US allegations of misconduct in the vast foreign exchange market in a landmark global group settlement involving five banks.
The bank said it had placed six people into a disciplinary process, three of whom were currently suspended pending further investigation.