Bank of England bares teeth with regulatory reporting fine

Posted on January 7, 2022 by Editor

In news that may catch the attention of doubters when it comes to investing in regulatory reporting, the Bank of England’s Prudential Regulation Authority (PRA) recently fined Metro Bank 5.38 million pounds (just over 7 million dollars) for failures in its regulatory reporting.

In January 2019, Metro Bank disclosed to the regulator that it had been incorrectly assigning risk weightings to some of its commercial loan portfolios over a three year period. These erroneous weightings, said the PRA, had been causing it to present an inaccurate picture of its regulatory capital.

“We expect firms to invest appropriate and adequate resources to ensure that they submit accurate regulatory returns,” said PRA Chief Executive Sam Woods. Metro Bank stated that it has since made significant improvements in its regulatory reporting processes and controls – and no doubt others will also be sitting up and taking notice.

Read more here.

Other Posts


Would you like
to learn more?

Join our Newsletter mailing list to
stay plugged in to the latest
information about XBRL around the world.

By clicking submit you agree to the XBRL International privacy policy which can be found at xbrl.org/privacy