LONDON, March 24 (Reuters) - Britain's banking stability watchdog fined Bank of London and its parent company Oplyse Holdings Limited 2 million pounds ($2.68 million) for failing to act with integrity
UK watchdog fines Bank of London and parent $2.7 million over integrity failings
Regulatory Action and Response
Details of the Fine
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.
Regulator's Findings
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.
Official Statement from PRA
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.
Bank of London's Response
A spokesperson for Bank of London said that the wrongdoing had occurred under previous management.
Remedial Actions Taken
“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.
Additional Information
($1 = 0.7468 pounds)
(Reporting by Muvija M and Phoebe Seers, writing by Sam Tabahriti; editing by Sarah Young and Bernadette Baum)
