PRA fines banks £43.9m for regulatory reporting failures

The PRA has announced that a combined penalty has been imposed on three Citi entities of £43.9 million.  The penalty arises from failings in their internal controls and governance arrangements, resulting in incomplete or inaccurate regulatory returns being submitted between 2013 and 2018.

The PRA noted that throughout the relevant period, the firms exceeded their liquidity and capital requirements. However the size of the fine reflects the PRA’s view of the gravity of the systems and controls and governance issues,  as well as the size and financial positions of the firms.  The fine also represents a 30% discount applied for reaching an early settlement agreement.