Bank of England fines Metro Bank £5.4m over reporting failures

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Bank of England fines Metro Bank £5.4m over reporting failures
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The Bank of England takes no prisoners!

The Bank of England has fined Metro Bank almost £5.4 million over the quality of its reporting and governance failures.

Sam Woods, deputy governor for prudential regulation at the Bank of England and chief executive officer of the PRA, said: “We expect firms to invest appropriate and adequate resources to ensure that they submit accurate regulatory returns. The regulator said that, as Metro Bank expanded its high street portfolio across the UK in recent years, it “failed to ensure the commensurate development” of its governance arrangements and reporting systems.

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