PRA fines Citigroup’s UK operations £44 million for failings in their regulatory reporting governance and controls


The PRA has fined Citigroup £43.9 million for failings in relation to their internal controls and governance arrangements which led to them failing to submit complete and accurate regulatory returns to the PRA between the 19th June 2014 and 31st December 2018.

In particular the PRA found that;

  • Citi failed to ensure that systems and controls supporting its UK regulatory reporting framework were designed, implemented and operating effectively;
  • Citi failed to allocate adequate human resources to ensure that CGML’s liquidity returns were complete and accurate;
  • Citi’s documentation of multiple aspects of its UK regulatory reporting control framework was inadequate given its size, complexity and systemic importance;
  • CGML’s approach to technical interpretations of reporting requirements was insufficiently robust given the complexity of those decisions and the impact they could have on the accuracy of the returns; and
  • Citi’s oversight and governance in relation to regulatory reporting fell significantly below the standards expected of a systemically important institution.

A copy of the PRA press release can be found here.

Neil Smart is head of the Regulatory Services Department at Sintons. To speak to Neil about this or any other matter, contact him on 0191 226 3731 or Neil.Smart@sintons.co.uk.


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