UK's PRA Fined Metro Bank £5.37 Million for Regulatory Failures

Fazzaco learned that the Prudential Regulation Authority (PRA) has imposed a £5.37 million penalty on Metro Bank plc (Metro Bank) for failing in its regulatory reporting governance and controls.

More specifically, between 13 May 2016 to 23 January 2019, Metro Bank failed to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and failed in  its regulatory reporting governance, controls and investment with respect to its Common Reporting (COREP) returns sent to the PRA.

"We expect firms to invest appropriate and adequate resources to ensure that they submit accurate regulatory returns. In this case, Metro Bank failed to meet the standards of governance and controls expected of it, resulting in today's enforcement action,"Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA said.

Metro Bank agreed to resolve this matter and therefore qualified for a 30% reduction in the fine imposed by the PRA. Without this discount, the fine imposed by the PRA would have been £7,680,000.

In its latest action, the authority has imposed a £46.5 million on Standard Chartered Bank (SCB)​ for failing to be open and cooperative with the PRA and for failings in its regulatory reporting governance and controls in relation to a tailored PRA liquidity expectation.