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HomeMarketMetro Bank Fined GBP10 Mln for Publishing Incorrect Information, FCA Says

Metro Bank Fined GBP10 Mln for Publishing Incorrect Information, FCA Says

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By Elena Vardon

The U.K. Financial Conduct Authority on Monday said it has fined Metro Bank PLC 10 million pounds ($12.3 million) for publishing incorrect information to investors in 2018.

The FCA also fined the U.K. lender’s former Chief Executive Craig Donaldson GBP223,100 and its former Chief Financial Officer David Arden GBP134,600 for knowing about the breach and being concerned in it.

It added that the former executives have referred their decision notices to the Upper Tribunal but Metro Bank hasn’t referred the decision.

The incorrect information published concerned the bank’s risk weighted assets figure in its third-quarter update from Oct. 24, 2018, the FCA said.

“Metro Bank was aware at the time that this figure was wrong and failed to qualify it or explain in the October announcement that it was subject to an ongoing review and would require a substantial correction”, it added.

Write to Elena Vardon at elena.vardon@wsj.com

Credit: marketwatch.com

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