Citigroup has been fined £44m for “serious and widespread” reporting failures in the UK — the first such penalty regulators have levied against a large financial institution in the country.

The Bank of England’s Prudential Regulation Authority said in a statement on November 26 that Citi’s standards for reporting its capital and liquidity positions between June 2014 and December 2018 “fell significantly below” what was expected of a systemically important institution.