By Reuters
LONDON, March 24 (Reuters) – Britain’s banking stability watchdog has fined the Bank of London and its parent company Oplyse Holdings Limited 2 million pounds ($2.68 million) for failing to act with integrity.
The Prudential Regulation Authority, part of the Bank of England, said the bank had misled it about its capital, failed to be open and cooperative with the regulator and did not maintain adequate financial resources.
PRA Deputy Governor Sam Woods said the Bank of London fell “well below our standards,” and the fine was the regulator’s first action against a firm for acting without integrity.
A spokesperson for Bank of London said that the wrongdoing had occurred under previous management.
“The bank accepts the PRA’s findings and regrets the failings identified. As is acknowledged in the Final Notice, since the change in ownership, the bank has changed its management team and invested heavily in processes and controls and engaged third parties to assist in their remediation activity,” the spokesperson said in an emailed statement.—Reuters
