On 11 August 2015, following a joint investigation, the FCA and PRA have censured Co-op Bank. The FCA’s Final Notice concluded that the Co-op Bank breached Listing Rule 1.3.3R (misleading information not to be published) regarding statements made on its capital position in its financial statements for the year ending 31 December 2012, and breached Principle 11 by failing to notify the FCA of intended changes to two senior positions. The FCA did not impose a financial penalty due to exceptional circumstances. The PRA in its Final Notice determined that the Co-op Bank breached Principles 3 and 11. The PRA would have imposed a financial penalty of £85.3 million (Stage 1: 30% discount), but determined this would not advance its objective to promote the safety and soundness of the firms the PRA regulates.