Upper Tribunal Decision/FCA: Craig Donaldson/David Arden

The Upper Tribunal has upheld the FCA decision that Craig Donaldson and David Arden, (former CEO and CFO at Metro Bank) were knowingly concerned in a breach of the Listing Rules and imposed fines of £167,325 and £100,950 respectively (reduced from FCA’s figures).  The firm, which has been separately fined, published an unqualified statement of its RWA, and the capital ratios based on it.  The firm knew at the time of a material error with the data, but did not inform the market.   At the time of the announcement, the individuals were aware of the material error and involved in the decision to publish the incorrect information.  The Upper Tribunal’s Decision discusses the issue of “knowingly concerned” in some detail.