Metro Bank £10m fine includes 50 per cent deterrence premium

Metro Bank's £10 million fine appears to have come as something of a surprise to the company, which announced its doubling of its provision for the fine from £5m to £10m only five days before the FCA's statement.

By Neasa MacErlean

The fine was increased by "a multiplier of 2" by the Financial Conduct Authority "to achieve its objective of credible deterrence", as it explained in the final notice. Had it not, unusually, included this premium, its £5m fine would have been close to the £5.4m fine levied on the challenger bank by the PRA regarding the same issue last year.