UK regulators spare Co-op Bank £120m fine
Regulators want to avoid damaging bank's capital position
The UK's Co-operative Bank has escaped without a fine despite "serious and wide-ranging failings", amid fears over financial stability, regulators said today (August 11).
The Bank of England's (BoE) Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) delivered their joint verdict at the conclusion of an investigation into mismanagement at the bank from 2009–13.
The PRA and FCA said Co-op's control framework was "flawed both in design and operation", with a poorly
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