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Co-op Bank guilty of 'woefully inadequate' business practices

The Co-Op Bank was guilty of "woefully inadequate" business practices and appointing senior staff without any experience of the banking sector, a major new report has said.

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Co-op Bank chief executive apologises for 'past failings'

In response to Sir Christopher Kelly's report, current Co-op Bank chief executive Niall Booker apologised for "past failings" and said it had been "working diligently" to address them.

The bank also revealed it was appointing new auditors, Ernst & Young, ending a 40-year relationship with KPMG amid a regulatory investigation into the Co-op's past accounts in the years leading up to the end of 2012.

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