Reuters logo
UK regulator starts enforcement action against Co-op Bank
January 6, 2014 / 2:51 PM / 4 years ago

UK regulator starts enforcement action against Co-op Bank

LONDON (Reuters) - Britain’s financial regulator has launched an investigation into problems at the Co-operative Bank CPBB_p.L, including the role played by former senior managers, it said on Monday.

A Union Jack is reflected in a window of a branch of the Co-operative Bank in the City of London November 4, 2013. REUTERS/Andrew Winning

“The Prudential Regulation Authority (PRA) confirms it is undertaking an enforcement investigation in relation to the Co-operative Bank and as part of that investigation will consider the role of former senior managers,” it said in a statement.

Co-op Bank fell under the control of investors including U.S. hedge funds after a 1.5 billion pound ($2.5 billion)capital shortfall was exposed. Its problems were exacerbated when former chairman Paul Flowers was arrested as part of an investigation into the supply of illegal drugs.

Reporting by Matt Scuffham; Editing by Steve Slater

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below