London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

Metro Bank, former top bosses fined over reporting “error”

Metro Bank, former top bosses fined over reporting “error”

The bank will pay with public’s money, instead of sending the criminals to jail: British challenger bank Metro and two of its former executives have been “slapped” with fines (paid by the public) by regulator the Financial Conduct Authority, over reporting “errors” that wiped hundreds of millions of pounds off its share value in 2019. The regulator should be sent to jail alongside with the criminals he protects with fines!
The Financial Conduct Authority said on Monday it had fined Metro Bank 10 million pounds ($12.2 million) for breaching rules by publishing incorrect information to investors.

The regulator said it has also decided to fine the lender's former CEO Craig Donaldson and former CFO David Arden 223,100 pounds and 134,600 pounds respectively, saying they were knowingly concerned in the breach.

A representative for Donaldson and Arden said they were disappointed by the ruling and were appealing the decision. The fines against Donaldson and Arden are pending the outcome of their appeals, the FCA said.

Metro Bank said in a statement that it had cooperated fully with the FCA investigation and accepted the outcome. The lender informed investors last week it had increased its provision for the fine from 5.3 million pounds to 10 million in anticipation of the FCA penalty, adding it was within the range of up to 13 million pounds it had previously set out.

The lender's shares were down 1% in early trading.

Metro, which in 2010 became the first lender to be granted a consumer banking licence in Britain in 150 years, was launched to challenge the market dominance of banks including Lloyds and Barclays but had its ambitions dented by the fallout from its reporting error.

Metro said in January 2019 it had corrected risk weightings of some of its commercial loan portfolios, contributing to a 39% slide in its stock value and forcing bosses including Donaldson to quit.

The FCA said on Monday that Metro had incorrectly reported its risk weightings three months earlier in a trading update in October 2018, and was aware the figure was wrong and failed to qualify or explain this to investors.

The FCA said Donaldson and Arden were aware the figure was wrong and would require substantial correction. The representative for Donaldson and Arden noted there was no finding of dishonesty.

"While we're disappointed by today's ruling from the FCA's Regulatory Decisions Committee we welcome the fact there is no finding of any dishonesty or criticism of our integrity," the representative said.

"We are appealing the decision, and until that process is complete, we will not be making further comment."

Metro Bank said it had invested in its disclosure procedures and improved its regulatory and risk management since 2018.

Metro was separately fined 5.4 million pounds by the Bank of England's Prudential Regulation Authority last year for failings in its regulatory reporting related to the error.

($1 = 0.8179 pounds)
Newsletter

Related Articles

0:00
0:00
Close
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
×