The Prudential Regulation Authority, part of the Bank of England, fined the bank for “misleading the PRA over their capital positions, failing to act with integrity, failing to be open and cooperative with the regulator and failing to maintain adequate financial resources,” a statement on Tuesday (March 23) said.
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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.
