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RBS reports £446m Q1 loss as forex costs bite

Bank has set aside £856m for litigation and conduct issues.

Royal Bank of Scotland made a £446m loss in the first quarter of the year, after setting aside a further £334m for penalties relating to foreign exchange rigging.

The bank’s first quarter results, published today, show it set aside a total of £856m for litigation and conduct issues, plus £453m for restructuring costs.

This includes £334m for forex investigations and litigation, and a further £100m for payment protection insurance misselling.

It has set aside a further £257m for “other customer redress”, which it says mainly relates to investment advice and packaged bank accounts.

In November RBS was fined £217m by the FCA for forex failings, alongside four other banks. RBS remains in discussions with other regulatory authorities over the conduct.

The bank reported operating profit of £325m in the first three months of the year, down from £1.3bn in Q1 2014.

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