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RBS firms fined for not screening sanctions targets

The Financial Services Authority has fined firms in the Royal Bank of Scotland group £5.6m for failing to guard against breaches of financial sanctions.

UK firms are prohibited from providing services to persons on the Treasury’s sanctions list.

Between December 15 2007 and December 31 2008 RBS, NatWest, Ulster Bank and Coutts and Co – all members of the RBS group – failed to adequately screen customers against the sanctions list.

The FSA says this resulted in an unacceptable risk that the group could have facilitated transactions involving sanctions targets including terrorist financing.


Paymentshield product to cover client outgoings

An income insurance product that covers customers’ financial commitments in a similar way to payment protection insurance is being launched by Paymentshield. IncomeShield provides protection for a policyholder’s financial outgoings and can be sold as a standalone product or in conjunction with other insurance and protection products. Tim Johnson, chief executive of Paymentshield, says: “Advisers […]


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