- The Bank of England's banking watchdog, the Prudential Regulation Authority (PRA), has fined The Bank of London and its parent company, Oplyse Holdings, £2 million.
- The fine was imposed for “failing to act with integrity” and misleading the regulator about its financial position, marking the first time the PRA has penalised a firm specifically for this breach.
- The breaches, which occurred between October 2021 and May 2024, also included failing to be open and cooperative and not maintaining adequate financial resources.
- The initial penalty was set at £12 million but was reduced to £2 million after the companies demonstrated that a higher fine would cause serious financial hardship.
- The Bank of London stated that the failings took place under previous ownership and management, and it is now implementing a comprehensive remediation programme to strengthen governance and risk management.
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