Beautiful Virgin Islands

Thursday, Feb 22, 2024

Metro Bank, former top bosses fined over reporting “error”

Metro Bank, former top bosses fined over reporting “error”

The bank will pay with public’s money, instead of sending the criminals to jail: British challenger bank Metro and two of its former executives have been “slapped” with fines (paid by the public) by regulator the Financial Conduct Authority, over reporting “errors” that wiped hundreds of millions of pounds off its share value in 2019. The regulator should be sent to jail alongside with the criminals he protects with fines!
The Financial Conduct Authority said on Monday it had fined Metro Bank 10 million pounds ($12.2 million) for breaching rules by publishing incorrect information to investors.

The regulator said it has also decided to fine the lender's former CEO Craig Donaldson and former CFO David Arden 223,100 pounds and 134,600 pounds respectively, saying they were knowingly concerned in the breach.

A representative for Donaldson and Arden said they were disappointed by the ruling and were appealing the decision. The fines against Donaldson and Arden are pending the outcome of their appeals, the FCA said.

Metro Bank said in a statement that it had cooperated fully with the FCA investigation and accepted the outcome. The lender informed investors last week it had increased its provision for the fine from 5.3 million pounds to 10 million in anticipation of the FCA penalty, adding it was within the range of up to 13 million pounds it had previously set out.

The lender's shares were down 1% in early trading.

Metro, which in 2010 became the first lender to be granted a consumer banking licence in Britain in 150 years, was launched to challenge the market dominance of banks including Lloyds and Barclays but had its ambitions dented by the fallout from its reporting error.

Metro said in January 2019 it had corrected risk weightings of some of its commercial loan portfolios, contributing to a 39% slide in its stock value and forcing bosses including Donaldson to quit.

The FCA said on Monday that Metro had incorrectly reported its risk weightings three months earlier in a trading update in October 2018, and was aware the figure was wrong and failed to qualify or explain this to investors.

The FCA said Donaldson and Arden were aware the figure was wrong and would require substantial correction. The representative for Donaldson and Arden noted there was no finding of dishonesty.

"While we're disappointed by today's ruling from the FCA's Regulatory Decisions Committee we welcome the fact there is no finding of any dishonesty or criticism of our integrity," the representative said.

"We are appealing the decision, and until that process is complete, we will not be making further comment."

Metro Bank said it had invested in its disclosure procedures and improved its regulatory and risk management since 2018.

Metro was separately fined 5.4 million pounds by the Bank of England's Prudential Regulation Authority last year for failings in its regulatory reporting related to the error.

($1 = 0.8179 pounds)
Newsletter

Related Articles

Beautiful Virgin Islands
London's Iconic British Telecom Tower Sold To Become Hotel
I have a dream, MLK inspiring speech
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
Aretha Franklin, Marvis Staples - Oh Happy Day
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
BVI Freedom Song
Russia Claims UK Cultural Agency Spied for Ukraine
Billy Preston - You Can't Beat God Giving (Live)
Apple warns against drying iPhones with rice
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
German economy is in 'troubled waters' - ministry
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
New video
Hello Dolly
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Bob Marley - Get Up Stand Up
EU Commission wants anti-drone defenses at Brussels HQ
Yes He Can
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
What A Friend We Have In Jesus
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Unforgettable
Prince William Urges End to Gaza Conflict
Touch The Hem Of His Garment
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
The Lord's Prayer
About 50-60% kids either chose to be YouTuber or influencer
THE GOD MOVEMENT...BEAUTIFUL BVI
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
Siyahamba
European Countries React to Navalny's Death by Summoning Russian Diplomats
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
Ramblin' Rose
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
Protoje - Who Knows ft. Chronixx
Cameron government knew Post Office ditched Horizon IT investigation
Pressure - Virgin Islands Nice
EU Calls for Immediate Ceasefire in Gaza Conflict
Phil Wickham - House Of The Lord
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
My God Is Real (Yes, God Is Real)
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Louis Armstrong - When The Saints Go Marching In
EU and UK Announce Joint Effort on Migration
Kanye West Sunday Service - hallelujah, salvation, and glory
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
Jonathan Nelson - I Believe (Island Medley
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
From The Virgin Islands Sqad Up
Microsoft-backed OpenAI valued at $80bn after company completes deal
Common, John Legend - Glory
‘Alexei would want to tell Russia not to give up fighting’
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
I have a dream, MLK inspiring speech
Whisky Challenges China's Baijiu Market During New Year Celebrations
Aretha Franklin, Marvis Staples - Oh Happy Day
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
BVI Freedom Song
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
Billy Preston - You Can't Beat God Giving (Live)
"Historic Step": Zelensky Signs Security Pact With Germany
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
"Historic Step": Zelensky Signs Security Pact With Germany
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Joe Biden Accuses Putin of Causing Navalny's Death
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Hello Dolly
Tucker Carlson grocery shopping in Russia. This is so interesting.
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Julian Assange's Wife Warns of His Death if Extradited to US
Bob Marley - Get Up Stand Up
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Yes He Can
Greece Legalizes Same-Sex Marriage and Adoption Rights
What A Friend We Have In Jesus
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Unforgettable
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Touch The Hem Of His Garment
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
The Lord's Prayer
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
THE GOD MOVEMENT...BEAUTIFUL BVI
Former Dutch PM And Wife Die "Together Hand In Hand" Via Duo Euthanasia
Siyahamba
Media Giant Paramount Global, Which Owns CBS News, To Cut 800 Jobs
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×