Upper Tribunal upholds FCA decisions in the case of Craig Donaldson and David Arden
The Upper Tribunal (Tax and Chancery Chamber) (the Upper Tribunal) has upheld the FCA’s decisions that Craig Donaldson and David Arden, former chief executive (CEO) and chief financial officer (CFO) of Metro Bank PLC (Metro Bank), were knowingly concerned in a breach of Listing Rule 1.3.3R by Metro Bank. The FCA’s Decision Notices were published in November 2022 and the two individuals appealed them to the Upper Tribunal. The Upper Tribunal has decided that fines of £167,325 and £100,950 should be imposed on Mr Donaldson and Mr Arden, respectively.