Niall Booker said any financial penalty on the bank needed to be weighed against the impact it would have on financial stability

The boss of the Co-operative Bank has described the decision by City regulators to waive a £120m fine on the loss-making institution as “a pragmatic solution”. Niall Booker, the chief executive of the bank, said that any financial penalty needed to be weighed against the impact it would have on financial stability.

He said the Financial Conduct Authority had not discussed the size of any potential fine. The FCA publicly censured the bank for misleading investors about its financial strength in 2012 and for failing to provide details of changes to senior management.

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Source: The Guardian Circular Economy RSS