25th Mar 2014 12:56
LONDON (Alliance News) - The Qatari operation of Royal Bank of Scotland Group PLC was Tuesday scolded by the Qatar Financial Centre Regulatory Authority after it found that the bank's training programme did not meet its requirements.
In a statement, the QFC Regulatory Authority said RBS's training programme, which is meant to ensure that members of staff are competent, was not up to the required standards.
"Although RBS QFC had a programme in place, it was deficient in a number of material respects and it fell short of the standards expected of authorised firms," the QFC Regulatory Authority said in a statement.
It said RBS QFC cooperated fully and agreed to pay the costs of the investigation, which has been concluded.
The regulator said it has accepted an enforceable undertaking from RBS QFC to establish a remedial action plan to ensure future compliance with its training and competency requirements.
The QFC Regulatory Authority is an independent regulatory body that regulates firms that conduct financial services in or from the QFC.
The Qatar Financial Centre is a financial and business centre established by the Government of Qatar and located in Doha.
RBS is in the process of scaling back its international operations, seeking instead to become a UK-focused retail bank as the bailed-out bank tries to recover from six years of loss-making in the wake of the financial crisis.
RBS was not immediately available for comment.
RBS shares were Tuesday quoted at 308.20 pence, up 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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