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PRA fines and bans former Co-op Bank bosses

The-Co-operative-Cooperative-Bank-700x450.jpg

The PRA has issued lifetime bans and fines to the former chief executive and managing director of the Co-op Bank.

Former chief executive Barry Tootell and former managing director of the corporate and business banking division Keith Alderson have been fined £173,802 and £88,890, respectively.

The pair are also blocked from holding significant influence positions in regulated firms.

Tootell and Alderson have been censured for their roles in the bank’s near collapse, in which it revealed a £1.5bn shortfall in capital and pulled out of a deal to acquire 630 branches of Lloyds bank.

PRA chief executive Andrew Bailey says: “The actions of Mr Tootell and Mr Alderson posed an unacceptable threat to the safety and soundness of the Co-op Bank which is why we have decided a prohibition is appropriate in these cases. This action makes clear that there are serious consequences for senior individuals who fall short of the PRA’s expectations.

“The new senior managers regime, which will be introduced in March, will further ensure that senior managers are held duly responsible for their actions.”

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