By Lucia Osborne-Crowley (December 22, 2021, 3:15 PM GMT) -- The Prudential Regulation Authority said on Wednesday that it has fined Metro Bank just over £5.3 million ($7 million) for failing to provide proper financial reports to the watchdog after the lender revealed that its accounts contained a £900 million mistake.
The PRA said it has handed the independent British bank a fine of £5.37 million for filing substandard financial reports between 2016 and 2019. The reporting failures came to light when the lender announced that it had to make an adjustment to its 2018 accounts to the tune of £900 million because it had applied the wrong risk-weighting to its commercial loans. ...
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