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Co-Operative Bank (42RQ)

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Tuesday 23 June, 2015

Co-Operative Bank

Update on Enforcement Proceedings

RNS Number : 9888Q
Co-Operative Bank PLC (The)
23 June 2015
 



Disclaimer

Neither this announcement, the publication in which it is contained nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into Australia, New Zealand, South Africa, Hong Kong, Japan, Canada, Switzerland or the United States or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of securities laws in those jurisdictions. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

 

The Co-operative Bank plc

 

23 June 2015

 

Update on Enforcement Proceedings

 

The Co-operative Bank (the "Bank") is today, in the course of its proposed Tier 2 Notes offering, providing an update to potential investors on the progress of enforcement proceedings regarding previously announced regulatory investigations into the Bank.

 

The Bank has previously disclosed that it is subject to or involved in several on-going regulatory investigations and enquiries, including (but not limited to) the following:

·     The PRA is undertaking an enforcement investigation in relation to the Bank and as part of that investigation will  consider the role of former senior managers;

·     The FCA is undertaking enforcement investigations covering decisions, events and processes at the Bank over  the period from consideration of the merger with Britannia Building Society in mid-2008 to the end of 2013.

 

These enforcement investigations carried out by the FCA and PRA began in January 2014 and have now been ongoing for 18 months.

 

The update is as follows:

 

FCA and PRA have recently indicated that their preliminary view is that they are minded to make findings against the Bank covering certain decisions, events and processes over the period from mid-2008 to end 2013. Based on their current view, the FCA and PRA have indicated they intend to commence formal settlement discussions in July 2015. The outcome of any settlement discussions is currently uncertain both in the details of any findings and any potential financial penalty. No indication of the potential quantum of any financial penalty contemplated by FCA and PRA has yet been given to the Bank.

 

Niall Booker, Chief Executive Officer said: "The Bank has been co-operating fully with the regulatory authorities. The risks of any adverse findings and penalties relating to these past events have been highlighted on multiple occasions previously. We will provide a further update as and when appropriate."

 

 

Investor enquiries:

 

Jonathan Berger, Head of Investor Relations: +44 (0) 7595 567 502

 

Media enquiries:

 

David Masters: +44 (0) 7825 427 514

Tony Langham: +44 (0) 7979 692 287

 

About The Co-operative Bank

 

The Co-operative Bank plc provides a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement. The Co-operative Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Co-operative Bank plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

 

This information contained in this announcement does not constitute or contain an offer or invitation to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.

 

This document is an advertisement and not a prospectus for the purposes of the Prospectus Directive and as such does not constitute an offer to sell or the solicitation of an offer to purchase securities. A prospectus prepared pursuant to the Prospectus Directive will be published, which, when published, can be obtained from the website of the London Stock Exchange (from the link set out in the relevant RNS announcement). Investors should not subscribe for or purchase any securities referred to in this document except on the basis of the information in the final prospectus.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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