Former Metro Bank CEO Craig Donaldson’s job prospects have been severely impacted by a Financial Conduct Authority (FCA) ruling, which accused him of misleading investors over a £900m accounting blunder in 2018.
The FCA’s Ruling: A Personal and Professional Crisis for Metro Bank’s Former CEO
Craig Donaldson, the former CEO of Metro Bank, has revealed that a ruling by the Financial Conduct Authority (FCA) has left him unable to secure a permanent job. The FCA had accused Donaldson of misleading investors over a £900m accounting blunder in 2018.
Craig Donaldson is a seasoned banking executive with extensive experience in the financial sector.
He has held various leadership positions, including Chief Executive Officer at Metro Bank and Group Finance Director at Co-operative Bank.
Donaldson's career spans over two decades, during which he has played a key role in shaping the UK's banking landscape.
His expertise lies in risk management, corporate finance, and strategic planning.
The Allegations and the Consequences
The FCA claimed that Donaldson knowingly published inaccurate financial information, which led to Metro Bank’s shares plummeting nearly 40% and a mini-bank run. The regulator fined Donaldson £223,100 and his former chief financial officer, David Arden, £134,600.
However, Donaldson denies the allegations, stating that he was not aware of the substantial impact of the adjustment at the time. He claims that the FCA’s ruling has ruined his career, making him ‘untouchable’ for permanent roles in the market.
A Personal and Professional Crisis
Donaldson’s witness statement reveals a wider impact beyond the financial aspect. He has struggled to open bank accounts, buy financial products, and even had difficulty applying for home insurance. Some firms declined to offer cover due to his association with Metro Bank.
The FCA’s ruling has also affected his personal finances, making it challenging for him to access basic services. Donaldson is now hoping to overturn the ruling, arguing that Metro Bank followed legal advice, he was in proactive communication with the board, and the Prudential Regulation Authority was aware of the bank’s struggles.
The Hearing Continues
The eight-day court hearing continues next week, with both sides presenting their arguments. The FCA and Donaldson’s legal team declined to comment on the matter.
