US EditionUK watchdog fines Bank of London and parent $2.7 mln over integrity failings
The Prudential Regulation Authority fined Bank of London and parent Oplyse £2 million for integrity breaches that included misleading the regulator and failing to maintain financial resources.
- On Tuesday, The Prudential Regulation Authority fined The Bank of London and Oplyse Holdings £2 million for misleading the watchdog about capital and failing to act with integrity between October 2021 and May 2024.
- Launched in 2021 with a £820 million valuation, The Bank has struggled financially in recent years, with losses widening to almost £24 million in 2024 according to its latest accounts.
- PRA Deputy Governor Sam Woods said the firms fell 'well below our standards.' The regulator originally planned a £12 million fine but reduced it after the companies demonstrated that 'such a penalty would cause serious financial hardship.'
- A spokesperson for The Bank said the institution 'accepts the PRA's findings and regrets the failings identified.' Since ownership change, it has invested heavily in processes and controls to assist remediation activity.
- Leadership remains confident that with legacy matters settled and investor backing, The Bank will continue to enhance trust and return to growth in 2026.
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Bank of London Penalized for Integrity Failures
The Bank of London and its parent company, Oplyse Holdings Limited, have been fined £2 million by Britain's banking stability watchdog for deficiencies in integrity. The Prudential Regulation Authority highlighted failures in openness and financial resource maintenance, marking its first integrity-focused enforcement. Bank of London cited management changes.
The Independent
perspectivemedia.comBank of London and parent firm fined £2 million for misleading banking watchdog
The Prudential Regulation Authority (PRA) said it is the first time it has fined a firm for failing to conduct its business with integrity.
PRA fines The Bank of London Group and parent company £2m for 'failing to act with integrity'
Marks the first time the PRA has taken enforcement action against a parent financial holding company of a firm The post PRA fines The Bank of London Group and parent company £2m for 'failing to act with integrity' appeared first on Investment International.
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