METRO BANK has been slapped with a £10m fine for publishing incorrect information to investors, while two of its former executives have received a warning.

The lender was told to pay up by the Financial Conduct Authority for breaching rules, while its ex chief executive and chief financial officer were also given fines.

The original breach concerned the Risk Weighted Assets (RWA) in its quarterly financial results. The lender published incorrect information in October 2018.

The FCA said Metro Bank was "aware at the time that this figure was wrong and failed to qualify it or explain".

When the correct RWA figure was announced in January 2019 it led to a 39 per cent fall in Metro Bank's share price.

Its former CEO Craig Donaldson must hand over £223,000 while ex CFO David Arden will pay £134,600, for being "knowingly concerned" with the breach.

(c) 2022 City A.M., source Newspaper