The Financial Conduct Authority on 12 December said it has fined Metro Bank £10m for publishing incorrect information to investors in 2018.

The FCA also fined the UK lender’s former chief executive Craig Donaldson £223,100 and its former chief financial officer David Arden £134,600 for knowing about the breach and being concerned in it.

It added that the former executives have referred their decision notices to the Upper Tribunal but Metro Bank has not referred the decision.

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The incorrect information published concerned the bank’s risk weighted assets figure in its third-quarter update from 24 October, 2018, the FCA said.

“Metro Bank was aware at the time that this figure was wrong and failed to qualify it or explain in the October announcement that it was subject to an ongoing review and would require a substantial correction,” it added.

Write to Elena Vardon at

This article was published by Dow Jones Newswires, a fellow Dow Jones Group service

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