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On 22 December 2021, the Prudential Regulation Authority (PRA) concluded its investigation into Metro Bank PLC, imposing a financial penalty of £5,376,000. Metro Bank was fined for breaching Fundamental Rules 2 and 6 of the PRA Rulebook prior to 23 January 2019, having cooperated fully with the PRA's investigation and agreed the resolution.
| Date | 22 Dec 2021 |
| Time | 07:09:16 |
| Category | Miscellaneous |
| ID | 4702W |
22 December 2021
Metro Bank PLC ("Metro Bank")
Legal Entity Identifier: 213800X5WU57YL9GPK89
Conclusion of PRA investigation
The Board of Metro Bank notes the conclusion of the Prudential Regulation Authority's ("PRA") investigation, imposing a financial penalty of £5,376,000 for breaching Fundamental Rules 2 and 6 of the PRA Rulebook prior to 23 January 2019. Metro Bank has cooperated fully with the PRA's investigation and agreed the resolution of this matter with the PRA.
In the time since the RWA errors that were the basis of the PRA's investigation were identified, Metro Bank has made significant improvements to, and substantial investment in, its regulatory reporting processes and controls. It has also strengthened its broader risk management and governance, demonstrating its commitment to accurate regulatory reporting and compliant growth.
There is no update on the Financial Conduct Authority's ("FCA") investigation at this time.
ENDS
Enquiries
For further information please contact:
Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
Media Relations
Tina Coates
+44 (0) 7811 246016
Teneo
Charles Armitstead
+44 (0) 7703 330269
About Metro Bank
Metro Bank services more than two million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality and best bank for service in-store for personal and business customers, in the Competition and Market Authority's Service Quality Survey in August 2021. It was recognised as 'Bank of the Year' at the 2020 MoneyAge Awards and 'Banking Brand of The Year' at the Moneynet Personal Finance Awards 2021, received Gold Award in the Armed Forces Covenant's Employer Recognition Scheme 2021 and won Best Open Banking Partnership - Commercial at the inaugural Open Banking Expo Awards 2021.
The community bank offers retail, business, commercial and private banking services, and prides itself on giving customers the choice to bank however, whenever and wherever they choose, and supporting the customers and communities it serves. Whether that's through its network of 78 stores open seven days a week, 362 days a year; on the phone through its UK-based 24/7 contact centres; or online through its internet banking or award-winning mobile app: the bank offers customers real choice.
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trademark of Metro Bank PLC.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk. All Metro Bank products are subject to status and approval.
Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.