Business
Expected conclusion of FCA proceedings
Expected conclusion of FCA proceedings.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Metro Bank PLC (LSE: MTRO LN)\n \n \n 7th December 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Metro Bank PLC (\"Metro Bank\")\n \n \n \n \n \n \n \n \n \n Legal Entity Identifier: 213800X5WU57YL9GPK89\n \n \n \n \n \n \n \n \n \n Expected conclusion of FCA proceedings\n \n \n \n \n \n \n \n \n Metro Bank (\"the Company\") expects the previously announced Financial Conduct Authority (\"FCA\") proceedings into the Company's historic risk weighted assets (\"RWA\") disclosures to conclude shortly.\n \n \n \n \n \n Metro Bank has cooperated fully with the FCA's investigation and has decided to increase its provision in respect of the financial penalty from £5.3 million (as disclosed in the Company's full year 2021 results) to £10.0 million, consistent with the range of up to £13 million outlined in the full year 2021 results. The balance of £4.7 million will be reflected in the full year 2022 results as a one-off non-underlying expense.\n \n \n \n \n \n The conclusion of the investigation will represent an important milestone for the Company in bringing the RWA legacy issues to a close.\n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and was authorised for release by Melissa Conway, Company Secretary.\n \n \n \n \n \n \n ENDS\n \n \n \n \n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n \n Metro Bank PLC Investor Relations\n \n \n \n Jo Roberts\n \n \n +44 (0) 20 3402 8900\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n Metro Bank PLC Media Relations\n \n \n \n Mona Patel\n \n \n +44 (0) 7815 506845\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n Teneo\n \n \n \n Charles Armitstead / Haya Herbert Burns\n \n \n +44 (0)7703 330269 / +44 (0) 7342 031051\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n About Metro Bank\n \n \n \n \n \n \n \n \n Metro Bank services 2.6 million customer accounts and is celebrated for its exceptional customer experi...