The Financial Conduct Authority’s (FCA) decision that the former CEO and chief financial officers Craig Donaldson and David Arden, respectively, of Metro Bank knowingly breached listing rules has been upheld by the Upper Tribunal.
Metro Bank was fined just over £10m by the financial watchdog for breaching listing rules in December 2022 after it published an unqualified statement of its Risk Weighted Assets (RWA), and the capital ratios based on it. FCA fines Metro Bank £16.7m for anti-money laundering failings According to the FCA, "Metro knew at the time of a material error with the data, but did not inform the market". As a result, when the amended numbers were published at the start of 2019, there was a 39% drop in Metro's share price. "Donaldson as CEO and Arden as CFO at Metro at the time of the a...
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