01 · In plain English
What happened.
On 21 December 2021 the Prudential Regulation Authority (PRA) issued a Final Notice imposing a financial penalty of £5,376,000 on Metro Bank plc. Metro Bank settled during the PRA’s Discount Stage and therefore qualified for a 30% settlement discount; without that discount the penalty would have been £7,680,000. The PRA’s Final Notice on the Bank of England website sets out the reasons for the penalty; the FCA register entry does not reproduce those reasons and does not record any customer redress or tribunal appeal.
Summarised from the PRA's notice and press reports. The official text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
“On 21 December 2021, the PRA issued a Final Notice to Metro Bank plc (“Metro Bank”). For the reasons given in the Final Notice, the PRA imposed a financial penalty of £5,376,000. Metro Bank agreed to settle during the Discount Stage of the PRA’s investigation. As a result, Metro Bank qualified for a 30% settlement discount under the PRA Settlement Policy. Were it not for this discount, the PRA would have imposed a financial penalty of £7,680,000. The PRA’s action took effect on 21 December 2021. A copy of the Final Notice can be found on the Bank of England’s website and can be accessed here ”.
03 · Firm details
Firm on the FCA register.
- Firm name
- Metro Bank PLC
- Firm reference number
- 488982
- Register status
- Authorised
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