[2025] UKUT 00185 (TCC)

Meanwhile, during 2019 and 2020, the Authority had interviewed Mr Donaldson, Mr Arden, Mr Carby, Mr Brierley, Ms Gillan and Mr Hill under the powers given by FSMA ss 171-3, so they were “compelled interviews”. Mr Donaldson was interviewed twice: during the morning of 12 June 2019 and all day on 8 December 2020; Mr Arden was also interviewed twice, during the morning of 7 June 2019 and all day on 10 December 2020.

On 26 August 2021, the Authority issued a draft Warning Notice to the Bank. On 30 September 2021, the Banksaid it was not disputing the breach and issued the following statement:

“The Bank accepts that, in publishing RWA figures within the October Announcement that were known to include significant inaccuracies, it did not take reasonable care to ensure the October Announcement was not false and misleading or omit anything likely to affect the import of the information it contained.”

On 8 December 2022, the Authority issued a Final Notice to the Bank, imposing a penalty of £10,002,300 for breaching LR 1.3.3R.

Meanwhile, on 17 January 2022, the Authority had issued Warning Notices to Mr Donaldson and Mr Arden; these were followed on 10 November 2022 with Decision Notices. On 7 December 2022, Mr Donaldson and Mr Arden referred the Decision Notices to the Tribunal.