LONDON-The U.K.’s Financial Conduct Authority (FCA) has fined Metro Bank £10 million for breaching the listing rules by publishing incorrect information to investor.
The FCA has also fined Metro Bank’s former CEO Craig Donaldson and former CFO David Arden for being knowingly concerned in Metro’s breach, Fintech Global reported.
As part of its quarterly financial results, the London-based Metro Bank regularly reported to the market on its prudential position, including the risk weighted assets on which its regulatory capital requirements are based, Fintech Global said.
Metro Bank published incorrect information concerning its RWA figure in its third quarter trading update (the October Announcement) on Oct. 24, 2018, the FCA stated.
Failure to Explain
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, the FCA said.
According to the FCA, the company also failed to consider, and to seek legal advice on, whether the incorrect RWA figure ought to be qualified or explained in the October Announcement. As a result, Metro Bank failed to take reasonable care to ensure that the October Announcement was not false and misleading and did not omit relevant information, the FCA said.
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