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.
Last updated · 13 Mar 2026
Regulatory News - Banking & Finance
See allPRA: PS10/26: Amendments to Resolution Assessment threshold and Recovery Plans review frequency
Further to CP14/25, this PS provides feedback and final policy. The policy in this PS will take effect on 1 April 2026.
FCA: Board minutes
FCA has now published the minutes of its 29 January 2026 board meeting. It is stated that “the Board observed the positive outcomes achieved by driving change through outcomes-focused supervisory activity rather than relying solely on rules”.
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FCA: UK MiFID transparency calculations
FCA has updated its webpage with the latest results of the annual transparency calculations for equity and equity-like instruments for the UK.
FCA: Regulatory priorities – mortgages
FCA’s first annual regulatory priorities report for the mortgages sector sets out its priorities for the coming year: improving consumer outcomes under the Mortgage Rule Review; encouraging responsible lending and supporting mortgage borrowers in financial difficulty, and ensuring the quality of advice. The report also notes other areas of focus. FCA has included an indicative timeline for specific workstreams, including details of the Mortgage Rule Review.
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FCA: Second charge mortgages – improving outcomes for consumers
This FCA review has found that weaknesses in some firms’ practices could put borrowers, particularly those consolidating debt, at increased risk of financial harm. Although it found examples of good practice across the sector, the review raised a number of concerns, including: affordability assessments that appeared to overlook key living expenses; advice that steered customers towards debt consolidation when it was not clear if it was appropriate; inadequate record keeping, and unclear fees.