The PRA has fined Citigroup’s UK operations £44m for failings in their regulatory reporting governance and controls.
The regulator announced it had imposed a combined financial penalty on Citigroup Global Markets Limited (CGML), Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) of £43.9m, for failings related to their internal controls and governance arrangements.
The PRA said this underpinned their compliance with its regulatory reporting requirements, and that between 2014 and 2018, the UK regulatory reporting framework for these firms was not designed, implemented or operating effectively.
The regulator said the failings had ‘persisted over a significant length of time’ and were ‘serious and widespread in nature,’ which led to Citigroup UK failing to submit complete and accurate regulatory returns to the PRA.
“Accurate regulatory returns from firms are vital for the PRA in fulfilling our role,” said PRA deputy governor for prudential regulation and CEO, Sam Woods.
“Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which we expect of a systemically important bank.”
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories