The Bank of London and its parent company, Oplyse Holdings, have been fined £2 million by the Prudential Regulation Authority (PRA) for failing to act with integrity and misleading the regulator about its financial position.
The PRA said this is the first time it has penalised a firm specifically for lacking integrity. The breaches, which occurred between October 2021 and May 2024, included misleading the watchdog over capital position and failing to maintain adequate financial resources.
The fine was reduced from an initial £12 million after the companies argued that the higher penalty would cause serious financial hardship. The bank, launched in 2021, reported widening losses of nearly £24 million in 2024.
Former Labour grandee Peter Mandelson served on the board until 2024. The bank's current management said the breaches took place under previous ownership and that it has since invested heavily in controls and remediation.
