Metro Bank Resolves FCA Enquiries with £16.7 Million Penalty

Metro Bank Holdings PLC has concluded an investigation by the Financial Conduct Authority (FCA) regarding its transaction monitoring systems. The enquiry, initiated in 2016, identified deficiencies addressed by the company by 2020. Despite resolving these issues, Metro Bank faces a financial penalty of around £16.7 million due to historic shortcomings.

Throughout the process, Metro Bank fully cooperated with the FCA, signaling its commitment to compliance. CEO Daniel Frumkin emphasized that resolving this matter allows the bank to shift focus entirely on its future strategies. These include advancing in specialist mortgages and expanding commercial and SME lending. He also confirmed a return to underlying profitability as of October, aligned with the bank’s strategic goals.