RBS Citizens subsidiaries fined $14m

American regulators hit RBS subsidiaries with sanctions worth nearly $14m (£12m) yesterday. RBS Citizens was fined $5m and ordered to pay more than 250,000 customers $2.5m in total for inaccurate or misleading information on overdrafts.

For a similar violation, the Citizens Bank of Pennsylvania was fined $5m and ordered to pay $1.4m to more than 75,000 customers.