Former Co-operative Bank CEO admits misconduct, car dealer given suspended sentence for £113k fraud, accounatnt in £40k employer tax fraud
Former Co-operative Bank CEO admits misconduct at hearing
Former CFO and chief executive of the Co‑operative Bank, Barry Tootell, has admitted misconduct and agreed to exclusion from membership of the accountancy body for six years and a £20,000 payment towards the Financial Reporting Council’s (FRC) executive counsel’s costs.
The bank came close to collapse in 2013 when it revealed a £1.5bn capital shortfall. A report produced by Sir Christopher Kelly concluded that the Co-op Bank’s problems stemmed from its 2009 takeover of the Britannia Building Society and poor management controls.
Tootell’s admission of misconduct ‘arises out of adverse findings made by the Prudential Regulatory Authority (PRA) in respect of [his] responsibilities as an approved person’, the FRC said.
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