You may well be aware of the press coverage that Metro Bank has been receiving alongside its recent drop in share value.
As you would expect, we have been monitoring the situation closely and are aware of the issues and public discussions taking place. Our understanding is that the drop in share price does not impact on Metro’s solvency, so far as client deposits are concerned, as the Bank must hold substantial levels of regulatory capital to protect their customers. The fact that the Prudential Regulatory Authority has not intervened means they continue to do so.
Metro remain financially stable and therefore there is no risk to our clients through having scheme bank accounts with them. We take the security of our clients’ funds very seriously and we are closely monitoring the situation. However, there is currently no need for us to take any action on this and it is highly unlikely that Metro won’t recover.
Business will continue as normal, but we will contact all clients and advisers in due course with updates as needs may arise.
In the meantime, please continue to use our website to see any news about Metro Bank from our end.