{"id":103860,"date":"2025-05-15T15:38:08","date_gmt":"2025-05-15T15:38:08","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/103860\/"},"modified":"2025-05-15T15:38:08","modified_gmt":"2025-05-15T15:38:08","slug":"bank-of-london-investigated-by-uk-prudential-regulation-authority","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/103860\/","title":{"rendered":"Bank of London Investigated by UK Prudential Regulation Authority"},"content":{"rendered":"

FinTech company\u00a0Bank of London<\/a>\u00a0is\u00a0reportedly being\u00a0investigated by the\u00a0Bank of England<\/a>\u2019s\u00a0Prudential Regulation Authority<\/a>\u00a0(PRA) for unspecified \u201chistoric\u201d events and for inaccurate record-keeping, lax regulatory\u00a0reporting\u00a0and governance failures.<\/p>\n

The company disclosed this in\u00a0financial\u00a0accounts filed Wednesday (May 14), the Financial Times (FT)\u00a0reported<\/a>\u00a0Wednesday.<\/p>\n

The financial accounts were filed seven months late, were qualified by auditors due to \u201cinadequate historical records\u201d about an employee share option plan, and noted the auditors\u2019 concerns about whether the company will be able to access an adequate amount of new funds, execute its business plans and manage any \u201cpunitive outcomes\u201d from the investigation, according to the report.<\/p>\n

Bank of London is cooperating with the PRA as well as conducting its own investigation, per the report.<\/p>\n

The FinTech told the FT that it has begun a \u201ccomprehensive transformation\u201d and \u201cgreatly strengthened\u201d its governance.<\/p>\n

\u201cThese accounts relate to a financial year in which the bank operated under entirely different leadership,\u201d Bank of London said in the report.<\/p>\n

Bank of London said in a Jan. 20\u00a0press release<\/a>\u00a0that it appointed a new CEO,\u00a0Christopher Horne<\/a>; was under new ownership led by\u00a0Mangrove Capital Partners<\/a>; and was working to drive \u201ctransformation and growth.\u201d<\/p>\n

Horne, a former CEO of Credit Suisse\u2019s U.K. subsidiaries, said in the release: \u201cI am honored to lead The Bank of London at such a pivotal time. This is a unique opportunity to redefine what a bank can be \u2014 resilient,\u00a0innovative\u00a0and aligned with the evolving needs of our clients and stakeholders. Together with the talented team at TBOL, I look forward to building a future that inspires trust and delivers lasting value.\u201d<\/p>\n

Weeks earlier, Bank of London announced in a Dec. 5\u00a0press release<\/a>\u00a0that it appointed new directors, including a chair, a chair of the board risk committee, a chair of the audit committee, and an independent non-executive director, to \u201cstrengthen governance and oversight.\u201d<\/p>\n

Mangrove Capital\u00a0Partners\u00a0CEO\u00a0Mark Tluszcz<\/a>\u00a0said in the release: \u201cThese appointments demonstrate the commitment we, and the other investors that form the Mangrove-led new ownership group, have made to the Bank of London. They underscore the priority we place on strong governance and oversight.\u201d<\/p>\n

It was reported in September that Bank of London said it had caught up on all its\u00a0tax payments<\/a>\u00a0after internal miscommunication caused a delay.<\/p>\n

See More In: Bank of England<\/a>, bank of london<\/a>, financial regulation<\/a>, FinTech<\/a>, investigations<\/a>, News<\/a>, Prudential Regulation Authority<\/a>, PYMNTS News<\/a>, regulations<\/a>, The Bank Of London<\/a>, What’s Hot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"FinTech company\u00a0Bank of London\u00a0is\u00a0reportedly being\u00a0investigated by the\u00a0Bank of England\u2019s\u00a0Prudential Regulation Authority\u00a0(PRA) for unspecified \u201chistoric\u201d events and for inaccurate…\n","protected":false},"author":2,"featured_media":103861,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[936,47941,748,393,47942,3672,4884,24393,257,12,47943,3279,8948,47944,16,15,3281],"class_list":{"0":"post-103860","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-bank-of-england","9":"tag-bank-of-london","10":"tag-britain","11":"tag-england","12":"tag-financial-regulation","13":"tag-fintech","14":"tag-great-britain","15":"tag-investigations","16":"tag-london","17":"tag-news","18":"tag-prudential-regulation-authority","19":"tag-pymnts-news","20":"tag-regulations","21":"tag-the-bank-of-london","22":"tag-uk","23":"tag-united-kingdom","24":"tag-whats-hot"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114512599883544407","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/103860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=103860"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/103860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/103861"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=103860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=103860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=103860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}