Emma RadmoreFCA has fined Metro Bank over £10m and has also decided to fine its former CEO and CFO £223,100 and £134,600 for being knowing concerned in the bank’s breach of the Listing Rules, which involved publishing incorrect information to investors.
FCA found the bank had published incorrect information on its RWA figure in its trading update published in October 2018. FCA said the bank was aware at the time that the figure was wrong but did not qualify the report or explain that it was subject to review and would require correction. It also neither considered nor took legal advice on whether it should be qualified.
FCA considered that Craig Donaldson and David Arden were knowingly concerned in this breach, so decided to fine the two individuals as well as the bank. The bank has not disputed the fine, but the two individuals are appealing FCA’s decisions.
PRA had previously fined the bank over £5m in December 2021, for failings associated with its RWA reporting.