UK financial regulator fines Metro Bank $12.2 mln

Dec 12 (Reuters) – Britain’s Monetary Conduct Authority (FCA) has fined Metro Financial institution (MTRO.L) 10 million kilos ($12.2 million)for breaching guidelines by publishing incorrect info to traders, it stated on Monday.

Metro Financial institution stated in January 2019 it had corrected danger weightings of a few of its industrial mortgage portfolios, wiping lots of of hundreds of thousands of kilos off its share worth and forcing its high bosses to stop.

Metro Financial institution knowledgeable traders final week it had elevated its provision for the high-quality from 5.3 million kilos to 10 million in anticipation of the FCA penalty, including it was throughout the vary of as much as 13 million kilos that it had beforehand set out.

Metro Financial institution was not instantly obtainable for remark.

Metro was fined 5.4 million kilos by the Financial institution of England’s Prudential Regulation Authority final yr for failings in its regulatory reporting associated to the error.

($1 = 0.8179 kilos)

Reporting by Iain Withers in London and Aby Jose Koilparambil in Bengaluru; Enhancing by Nivedita Bhattacharjee, Kirsten Donovan

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