The Upper Tribunal has upheld the UK Financial Conduct Authority’s decision that Craig Donaldson and David Arden, former chief executive and chief financial officer of Metro Bank, were knowingly concerned in a breach of the Listing Rules linked to inaccurate market disclosures. The Tribunal determined fines of £167,325 for Mr Donaldson and £100,950 for Mr Arden, and the FCA has issued final notices to both individuals. Metro Bank, as a listed company, published quarterly financial results that included its prudential position, including risk weighted assets and the capital ratios based on them. On 24 October 2018, Metro published an unqualified statement of its RWA and related capital ratios despite knowing there was a material data error and without informing the market; when amended figures were published in January 2019, Metro’s share price fell 39%. The FCA previously fined Metro £10,002,300 for the Listing Rules breach in December 2022, and found that Mr Donaldson and Mr Arden were aware of the error and involved in the decision to publish the incorrect information.
Financial Conduct Authority 2025-06-17
UK Financial Conduct Authority issues final notices fining former Metro Bank CEO and CFO after Upper Tribunal upholds Listing Rules breach decision
The Upper Tribunal upheld the UK Financial Conduct Authority's decision that Craig Donaldson and David Arden, former Metro Bank executives, were knowingly involved in a Listing Rules breach due to inaccurate market disclosures. Fines of £167,325 and £100,950 were imposed on Donaldson and Arden, respectively, with final notices issued. Metro Bank had previously been fined £10,002,300 for the breach after its share price fell 39% following the correction of a material data error.