November 20, 2014 / 7:13 AM / 3 years ago

RBS fined $88 million by UK regulators for 2012 system crash

LONDON, Nov 20 (Reuters) - Royal Bank of Scotland was fined 56 million pounds ($88 million) by Britain's financial regulators for a system crash in 2012 that left millions of customers unable to make or receive payments.

The penalties comprise a 42 million pounds fine from the Financial Conduct Authority and a 14 million pounds fine from the Prudential Regulation Authority.

RBS has already paid out 70.3 million pounds in compensation to UK customers affected by the outage and 460,000 pounds to non-RBS customers who were affected.

1 US dollar = 0.6391 British pound Reporting by Matt Scuffham; Editing by Steve Slater

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