REG - Metro Bank PLC - Conclusion of FCA proceedings

Metro Bank HoldingsAnnouncement

12/12/2022 08:15

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RNS Number : 3585J  Metro Bank PLC  12 December 2022

 
 
            Metro Bank PLC (LSE: MTRO LN)

12 December 2022

 

 

Metro Bank PLC ("Metro Bank")

 

Legal Entity Identifier: 213800X5WU57YL9GPK89

 

Conclusion of FCA proceedings

 

Metro Bank ("the Company") notes today's publication of the Financial Conduct
Authority's ("FCA") decision that concludes its proceedings into the Company's
historic Risk Weighted Assets ("RWA") disclosures.

 

Metro Bank has cooperated fully with the FCA investigation and accepts the
outcome. The £10 million fine is within the range outlined at the Company's
Full Year 2021 results and has been fully provided for.

 

Since 2018, Metro Bank has completed extensive remediation activity and made
substantial investment to improve its disclosure procedures as well as
enhancing its regulatory reporting processes, risk management framework and
governance and compliance culture more broadly.

 

The conclusion of these proceedings and of the Prudential Regulatory
Authority's investigation in December 2021 brings the RWA legacy issues to a
close. Moving forward, this represents an important milestone and allows the
Company to remain focused on supporting its colleagues and the customers and
communities it serves, and sustaining its profitable growth trajectory.

 

ENDS

 

For more information, please contact:

 

Metro Bank PLC Investor Relations

Jo Roberts

+44 (0) 20 3402 8900

IR@metrobank.plc.uk (mailto:IR@metrobank.plc.uk)

 

Metro Bank PLC Media Relations

Mona Patel

+44 (0) 7815 506845

pressoffice@metrobank.plc.uk (mailto:pressoffice@metrobank.plc.uk)

 

Teneo

Charles Armitstead / Haya Herbert Burns

+44 (0)7703 330269 / +44 (0) 7342 031051

Metrobank@teneo.com (mailto:Metrobank@teneo.com)

 

 

About Metro Bank

 

Metro Bank services 2.6 million customer accounts and is celebrated for its
exceptional customer experience. It is the highest rated high street bank for
overall service quality for personal customers and the best bank for service
in-store for personal and business customers, in the Competition and Market
Authority's Service Quality Survey in August 2022. This year it has been
awarded "Best Mortgage Provider of the Year" in 2022 MoneyAge Mortgage Awards,
"Best Business Credit Card" in 2022 Moneynet Personal Finance Awards and "Best
Current Account for Overseas Use" by Forbes 2022 and accredited as a top ten
Most Loved Workplace 2022. It was "Banking Brand of The Year" at the Moneynet
Personal Finance Awards 2021 and received the Gold Award in the Armed Forces
Covenant's Employer Recognition Scheme 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 76 stores open
seven days a week, 362 days a year; on the phone through its UK-based 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
(http://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.

 

 

 

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