PRA has prohibited Barry Tootell, former Chief Financial Officer and Chief Executive of the Co-operative Bank Plc (Co-op Bank) and Keith Alderson, former Managing Director of the Co-op Bank’s Corporate and Business Banking Division, from holding a significant influence function in a PRA-authorised firm for breaches related to the running of the Co-op Bank. PRA also fined Mr Tootell £173,802 and Mr Alderson £88,890. In August 2015 PRA publicly censured the Co-op Bank for, among other things, failing to have in place adequate risk management systems (see FReD 14 August 2015). PRA found that the Co-op Bank’s failings had the potential to weaken the firm and reduce its resilience. Both men were found not to have exercised due skill, care and diligence in carrying out their roles. Mr Tootell was centrally involved in a culture within the Co-op Bank which encouraged prioritising the short-term financial position of the firm at the cost of taking prudent and sustainable actions to secure the firm’s longer-term capital position, whilst Mr Alderson did not take reasonable steps to ensure the Co-op Bank adequately assessed risk arising across the Britannia Corporate Loan Book. (Source: PRA takes enforcement action against former Co-op Bank individuals)