RBS Libor scandal 'must never happen again'

The Royal Bank of Scotland (RBS) has been fined £390m ($610m) by UK and US authorities for its part in the Libor rate-fixing scandal.

The largely state owned bank has officially acknowledged "serious shortcomings" in controls and integrity.

''I am insistent that the taxpayer should not foot the bill,'' Financial Secretary to the Treasury Greg Clark told MPs.

"The Royal Bank of Scotland must take every step necessary to ensure that this scandal never happens again,'' he added.