City fine: Bank of England tells Metro Bank to pay millions for reporting and governance failures that went on for years – CityAM
The Bank of England is investigating allegations against Metro Bank regarding potential data security breaches related to the software used in its in-branch coin-counters. The whistleblower raised concerns about the software’s integrity and its connection to customer accounts. Allegations suggest that Metro Bank may have misused the software, making customer data susceptible to compromise. These claims have prompted the Bank of England’s whistleblowing team to review the situation and share information with the Financial Conduct Authority. Metro Bank has not directly responded to these allegations. The bank, amidst legal disputes over its coin-counting machines, faces challenges, including a recent deal to secure its stability and layoffs. This scrutiny adds to Metro Bank’s tumultuous history, including accounting errors and regulatory challenges. Despite its efforts to maintain stability, Metro Bank’s future remains uncertain amidst ongoing legal and regulatory pressures.
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