Expected conclusion of FCA proceedings

RNS Number : 9799I

Metro Bank PLC

07 December 2022

 

        Metro Bank PLC (LSE: MTRO LN)

7th December 2022

Metro Bank PLC ("Metro Bank")

Legal Entity Identifier: 213800X5WU57YL9GPK89

Expected conclusion of FCA proceedings

Metro Bank ("the Company") expects the previously announced Financial Conduct Authority ("FCA") proceedings into the Company's historic risk weighted assets ("RWA") disclosures to conclude shortly.

Metro Bank 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 will represent an important milestone for the Company in bringing the RWA legacy issues to a close.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and was authorised for release by Melissa Conway, Company Secretary.

ENDS

For more information, please contact:

Metro Bank PLC Investor Relations

Jo Roberts

[phone]

[e-mail]

Metro Bank PLC Media Relations

Mona Patel

[phone]

[e-mail]

Teneo

Charles Armitstead / Haya Herbert Burns

[phone] / [phone]

[e-mail]

About Metro Bank

Metro Bank services 2.6 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality for personal customers and the best bank for service in-store for personal and business customers, in the Competition and Market Authority's Service Quality Survey in August 2022. This year it has been awarded "Best Mortgage Provider of the Year" in 2022 MoneyAge Mortgage Awards, "Best Business Credit Card" in 2022 Moneynet Personal Finance Awards and "Best Current Account for Overseas Use" by Forbes 2022 and accredited as a top ten Most Loved Workplace 2022. It was "Banking Brand of The Year" at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant's Employer Recognition Scheme 2021.

The community bank offers retail, business, commercial and private banking services, and prides itself on giving customers the choice to bank however, whenever and wherever they choose, and supporting the customers and communities it serves. Whether that's through its network of 76 stores open seven days a week, 362 days a year; on the phone through its UK-based contact centres; or online through its internet banking or award-winning mobile app, the bank offers customers real choice.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trademark of Metro Bank PLC.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk . All Metro Bank products are subject to status and approval.

Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.

 

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