The Bank of England's Prudential Regulation Authority fined the Bank of London and Oplyse Holdings £2 million for misleading the regulator about its financial status. This is the first penalty for failing to conduct business with integrity. Although breaches warranted a £12 million fine, it was reduced due to potential financial hardship. The bank, launched in 2021 with a valuation of $1.1 billion, has faced significant losses, reaching nearly £24 million in 2024. Peter Mandelson was on the board until 2024.
"The Prudential Regulation Authority stated this marks the first instance it has penalised a firm specifically for failing to conduct its business with integrity. The breaches were deemed to warrant a significantly higher penalty of 12 million, but the PRA reduced the fine to 2 million after the companies demonstrated that such a penalty would cause serious financial hardship."
"The clearing bank, launched in 2021 with an initial valuation of $1.1 billion, has faced considerable financial difficulties in recent years. Its latest accounts reveal widening losses, reaching almost 24 million in 2024."
Read at www.independent.co.uk
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