PRA deputy governor Sam Woods says “Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which [the PRA] expect of a systemically important bank”.
The Bank of England, which oversees the PRA and says this is the biggest fine it has imposed on a bank, revealed in a statement that Citi’s failings “persisted over a significant length of time and were serious and widespread in nature”.
“They led to significant errors in the firms’ returns, including six substantive matters which had a material or potentially material impact on the returns.