Metro Bank expects FCA proceedings into RWA disclosures to conclude shortly
Metro Bank announces that it expects the Financial Conduct Authority (FCA) proceedings into the Company’s historic risk weighted assets (RWA) disclosures to conclude shortly.
Metro Bank notes that it 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.
The conclusion of the investigation is set to represent an important milestone for the company in bringing the RWA legacy issues to a close.