Just how loopy are the regulators of La La land?

Not so much a blog as sharing a thought i.e just how brazen have our big banks got and just how barmy have our regulators got? I was trailing through the FCA website (as you do on a Saturday afternoon) when I came across the following short paragraph in: Enforcement Annual Performance Account 2013/2014. Call me naive but I was shocked. See what you think:
Transaction reporting
26. Accurate and complete transaction reporting is essential to enable the FCA to meet its
operational objective of protecting and enhancing the integrity of the UK financial system. We fined the Royal Bank of Scotland plc and the Royal Bank of Scotland N.V. £8m for failing to report accurately approximately 44.8m transactions, and for failing entirely to report approximately 804,000 transactions, that it executed.
Anyone else think that’s bonkers?
Of course I’m sure all these misreported or unreported transactions were entirely kosher but, given all you get is an £8M fine (which your shareholders pay) for withholding information about millions of transactions, I would question why we need money laundering rules or laws?
Just wanted to share that bit of madness – back to research.

2 thoughts on “Just how loopy are the regulators of La La land?

  1. nicksbgould

    I agree with this..as earlier noted this isn’t my area of law..but we can use it as yet another example of a box ticking culture so encouraged by govts over last 20 years..reached heights under new labour..I suffer with this in my own job…but it reached genuinely tragic levels in Rotherham. .we are left with two disturbing trends..more box ticking and an inability for those in power to take responsibility. .as one of my longstanding clients always said “you may be right you may be wrong ( we all are sometimes)..but at least you give me an answer and take responsibility for it”..that is my thought for today from Lake Maggiore ..bye



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