The Supreme Court has confirmed the ruling of the United Kingdom’s Economic Behavior Authority (FCA) that Craig Donaldson and David Arden, former CEO (CEO) and Metro Bank’s Chief Executive Officer (CFO), were concerned about the breach of the registration rules.
The Supreme Court ruled that the fines of £ 167,325 and £ 100,950 should be imposed on Mr Donaldson and Mr Arden, respectively.
As a company listed on the Stock Exchange, Metro provided quarterly financial results on the market. In these, Metro regularly refers to its preventive position, including weighted assets (RWA), on which its regulatory capital requirements are based.
On October 24, 2018, Metro published a non -specialized statement by the subway RWA and the capital -based capital indicators. Metro knew at the time of a material error with data, but did not update the market. When the amended numbers were published in January 2019, a 39% drop in the Metro stock price.
The FCA imposed a fine of £ 10.002,300 for violating registration rules in December 2022.
Mr Donaldson as CEO and Mr. Arden as CFO in the subway at the time of the announcement knew the material error and participated in the decision to publish the wrong information.
Craig Donaldson and David Arden have 14 days to resort to the decision.