By . Matt Blake . PUBLISHED: . 05:51 EST, 29 June 2012 . | . UPDATED: . 07:18 EST, 29 June 2012 . Trouble ahead? Stephen Hester, the CEO of RBS, will face the same tough questions as his Barclays counterpart Bob Diamond, who has come under increasing pressure to resign in the wake of the scandal . Royal Bank of Scotland is set to be fined about £150 million for participating in market manipulation offences similar to those engaged in by Barclays, it has been revealed. Sources said RBS admitted guilt of offences similar to those committed by Barclays' traders, though at RBS they were more isolated and less serious. The news comes after a sacked RBS trader accused his bank bosses of colluding with staff to rig the financial markets to maximise profits in an explosive set of court documents revealed today. The bank is thought to have accepted that it will probably have to pay about half as much as the £291 million in fines imposed on Barclays, according to the Times. Any settlement with the various regulatory authorities is thought to be several months off, the Times said. Stephen Hester, the CEO of RBS, will now face the same tough questions that have bombarded his Barclays counterpart Bob Diamond, who has come under increasing pressure to resign in the wake of the scandal. Barclays . agreed on Wednesday to pay a record $453 million fine to US and British . regulators for attempting to manipulate the London Interbank Offered . Rate in 2005-08. Britain's banking woes deepened today as the Financial Services Authority said it had settled with four banks - Barclays, RBS, HSBC and Lloyds - after finding evidence they mis-sold products to protect small businesses against a rise in interest rates. Compensation could run into the hundreds of millions of pounds, lawyers have said, although Lloyds said the cost for it would not be material. The FSA said from 2001 to date, banks sold around 28,000 interest rate protection products to customers, although it did not did not say how much it would cost the banks. Guilty: RBS admitted guilt for offences similar to those committed by Barclays' traders, though at RBS they were more isolated and less serious . A string of mis-selling cases has rocked the financial services industry for over two decades and banks are already likely to pay upwards of £9 billion in compensation for mis-selling loan insurance. The Libor mis-selling scandal is expected to draw in many banks globally, but Diamond has found himself first in the firing line after U.S. and British authorities fined Barclays $450 million on Wednesday for manipulating the London interbank offer rate (Libor). Under fire: The Libor mis-selling scandal is expected to draw in many banks globally, but Barclays boss Diamond has found himself first in the firing line . Prime Minister David Cameron said Diamond - who was running the investment banking arm Barclays Capital when the rigging occurred in 2005-2009 - and other bosses had some 'big questions to answer'. Britain also called in the fraud squad to investigate possible crimes. 'Politicians . have already been baying for blood and calling for the head of Bob . Diamond, especially as he was in charge at BarCap at the time,' said . Stephen Peak, manager of the Henderson UK Alpha and European Absolute . Return funds and a shareholder in the bank. 'We . feel that the Barclays board will instinctively wish to resist this, as . Diamond is clearly the architect and leading light of Barclays, but . feel that the pressure may be too great.' Earlier, Tan Chi Min, a former head of delta . trading for RBS’s global banking and markets division in Singapore, . alleged that managers at RBS condoned collusion between its staff to set the . Libor rate artificially high or low to maximise profits. He . named five staff members he claims made requests for the Libor rate to . be altered and three senior managers who he said knew what was going on. He also says the practice 'was known to other members of [RBS]’s senior management'. Mr Tan, who was eventually sacked for gross misconduct, worked for RBS from August 2006 to November 2011and alleges that senior members of staff knew about Libor fixing, and that the behaviour started while Fred Goodwin was chief executive . During his dismissal case he accused Brevan Howard, one of Europe's largest hedge funds, of asking RBS to change the Libor rate. He accused the fund of telephoning the bank on in August 2007 asking if they could change the bank's Libor submission. Investigation: The ex-RBS employee alleges that senior members of staff knew about Libor fixing, and that the behaviour started while Fred Goodwin was chief executive . Banks submit their rates to Thomson . Reuters which then calculates the Libor rate and distributes it on . behalf of the British Bankers' Association. The fund was not named in the court case and was not being sued for any wrongdoing. Tan alleged that it was in fact common . practice among senior RBS employees to make requests to the bank's rate . setters as to the appropriate Libor rate. In . the court papers filed in New York as part of a class action, Mr Lin . also implicates hedge fund bosses who have given thousands of pounds to . the Conservative Party. It . is claimed that hedge fund Brevan Howard asked RBS to fix financial data . by making false submissions. The fund donated £10,000 to the Tories and . spent £3,542 on flights for George Osborne to attend a conference in . 2008. RBS said it was confident of mounting a successful defence against Mr Tan’s claims. It filed a response to the court in . January saying Tan was dismissed after being found guilty of gross . misconduct. Delta trading is usually conducted by investment banks, . using derivatives to track a basket of securities.
RBS admit guilt of offences similar to those committed by Barclays' traders .
The bank is thought to have accepted .
that it will probably have to pay about half as much as the £291 million .
in fines imposed on Barclays .
But a settlement could be several months off .
By . Matt Blake . PUBLISHED: . 05:51 EST, 29 June 2012 . | . UPDATED: . 07:18 EST, 29 June 2012 . Trouble ahead? Stephen Hester, the CEO of RBS, will face the same tough questions as his Barclays counterpart Bob Diamond, who has come under increasing pressure to resign in the wake of the scandal . Royal Bank of Scotland is set to be fined about £150 million for participating in market manipulation offences similar to those engaged in by Barclays, it has been revealed. Sources said RBS admitted guilt of offences similar to those committed by Barclays' traders, though at RBS they were more isolated and less serious. The news comes after a sacked RBS trader accused his bank bosses of colluding with staff to rig the financial markets to maximise profits in an explosive set of court documents revealed today. The bank is thought to have accepted that it will probably have to pay about half as much as the £291 million in fines imposed on Barclays, according to the Times. Any settlement with the various regulatory authorities is thought to be several months off, the Times said. Stephen Hester, the CEO of RBS, will now face the same tough questions that have bombarded his Barclays counterpart Bob Diamond, who has come under increasing pressure to resign in the wake of the scandal. Barclays . agreed on Wednesday to pay a record $453 million fine to US and British . regulators for attempting to manipulate the London Interbank Offered . Rate in 2005-08. Britain's banking woes deepened today as the Financial Services Authority said it had settled with four banks - Barclays, RBS, HSBC and Lloyds - after finding evidence they mis-sold products to protect small businesses against a rise in interest rates. Compensation could run into the hundreds of millions of pounds, lawyers have said, although Lloyds said the cost for it would not be material. The FSA said from 2001 to date, banks sold around 28,000 interest rate protection products to customers, although it did not did not say how much it would cost the banks. Guilty: RBS admitted guilt for offences similar to those committed by Barclays' traders, though at RBS they were more isolated and less serious . A string of mis-selling cases has rocked the financial services industry for over two decades and banks are already likely to pay upwards of £9 billion in compensation for mis-selling loan insurance. The Libor mis-selling scandal is expected to draw in many banks globally, but Diamond has found himself first in the firing line after U.S. and British authorities fined Barclays $450 million on Wednesday for manipulating the London interbank offer rate (Libor). Under fire: The Libor mis-selling scandal is expected to draw in many banks globally, but Barclays boss Diamond has found himself first in the firing line . Prime Minister David Cameron said Diamond - who was running the investment banking arm Barclays Capital when the rigging occurred in 2005-2009 - and other bosses had some 'big questions to answer'. Britain also called in the fraud squad to investigate possible crimes. 'Politicians . have already been baying for blood and calling for the head of Bob . Diamond, especially as he was in charge at BarCap at the time,' said . Stephen Peak, manager of the Henderson UK Alpha and European Absolute . Return funds and a shareholder in the bank. 'We . feel that the Barclays board will instinctively wish to resist this, as . Diamond is clearly the architect and leading light of Barclays, but . feel that the pressure may be too great.' Earlier, Tan Chi Min, a former head of delta . trading for RBS’s global banking and markets division in Singapore, . alleged that managers at RBS condoned collusion between its staff to set the . Libor rate artificially high or low to maximise profits. He . named five staff members he claims made requests for the Libor rate to . be altered and three senior managers who he said knew what was going on. He also says the practice 'was known to other members of [RBS]’s senior management'. Mr Tan, who was eventually sacked for gross misconduct, worked for RBS from August 2006 to November 2011and alleges that senior members of staff knew about Libor fixing, and that the behaviour started while Fred Goodwin was chief executive . During his dismissal case he accused Brevan Howard, one of Europe's largest hedge funds, of asking RBS to change the Libor rate. He accused the fund of telephoning the bank on in August 2007 asking if they could change the bank's Libor submission. Investigation: The ex-RBS employee alleges that senior members of staff knew about Libor fixing, and that the behaviour started while Fred Goodwin was chief executive . Banks submit their rates to Thomson . Reuters which then calculates the Libor rate and distributes it on . behalf of the British Bankers' Association. The fund was not named in the court case and was not being sued for any wrongdoing. Tan alleged that it was in fact common . practice among senior RBS employees to make requests to the bank's rate . setters as to the appropriate Libor rate. In . the court papers filed in New York as part of a class action, Mr Lin . also implicates hedge fund bosses who have given thousands of pounds to . the Conservative Party. It . is claimed that hedge fund Brevan Howard asked RBS to fix financial data . by making false submissions. The fund donated £10,000 to the Tories and . spent £3,542 on flights for George Osborne to attend a conference in . 2008. RBS said it was confident of mounting a successful defence against Mr Tan’s claims. It filed a response to the court in . January saying Tan was dismissed after being found guilty of gross . misconduct. Delta trading is usually conducted by investment banks, . using derivatives to track a basket of securities.
Sources said RBS admitted guilt of offences similar to those committed by Barclays' traders, today. The bank is thought to have accepted that it will probably have to pay about half as much as the £291 million in fines imposed on Barclays, several months off, the Times said. Stephen