The Prudential Regulation Authority has fined Metro Financial institution £5.4m for reporting failings between Could 2016 and January 2019.
“Within the years earlier than the 2019 announcement, Metro Financial institution pursued a speedy progress and growth plan and elevated its variety of high-street branches and clients, rising core deposits and lending. Nevertheless, throughout this time, Metro Financial institution failed to make sure the commensurate growth of, and funding in, governance preparations and programs and controls referring to its [regulatory reporting]”, the PRA stated in an announcement.
Metro Financial institution stated in an announcement it had agreed the decision of the problem with the PRA and that the financial institution had since made “vital enhancements to and substantial funding in its regulatory reporting processes and controls”.
