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UK regulator starts enforcement action against Co

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Credit: Reuters/Andrew Winning


A Union Jack is reflected in a window of a branch of the Co-operative Bank in the City of London November 4, 2013.


'The Prudential Regulation Authority (PRA) confirms it is undertaking an enforcement investigation in relation to the Co-operative Bank and as part of that investigation will consider the role of former senior managers,' it said in a statement.


Co-op Bank fell under the control of investors including U.S. hedge funds after a 1.5 billion pound ($2.5 billion)capital shortfall was exposed. Its problems were exacerbated when former chairman Paul Flowers was arrested as part of an investigation into the supply of illegal drugs.


(Reporting by Matt Scuffham; Editing by Steve Slater)


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