Metro Bank PLC

On 12 November 2024 the Financial Conduct Authority fined Metro Bank Plc £16,675,200 for breaching Principle 3 of the FCA’s Principles for Businesses between 6 June 2016 and 17 December 2020. Principle 3 requires a firm to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk‑management systems. The FCA’s Final Notice setting out the authority’s findings is published on the FCA website.

The FCA found that Metro Bank Plc failed to comply with Listing Rule 1.3.3 (which requires that misleading information must not be published) in an announcement dated 24 October 2018. The FCA decided to impose a financial penalty on 10 November 2022 and issued its Final Notice on 8 December 2022; Metro Bank did not refer the matter to the Upper Tribunal. The regulator’s Final Notice is published on the FCA website.

On 21 December 2021 the Prudential Regulation Authority (PRA) issued a Final Notice imposing a financial penalty of £5,376,000 on Metro Bank plc. Metro Bank settled during the PRA’s Discount Stage and therefore qualified for a 30% settlement discount; without that discount the penalty would have been £7,680,000. The PRA’s Final Notice on the Bank of England website sets out the reasons for the penalty; the FCA register entry does not reproduce those reasons and does not record any customer redress or tribunal appeal.