PRA fines The Bank of London Group and parent company £2m for 'failing to act with integrity'

The Prudential Regulation Authority (PRA) has fined The Bank of London Group and its parent company Oplyse Holdings £2m for a series of regulatory breaches between October 2021 and May 2024.  

The companies were fined for misleading the regulator 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.

This marks the first time the PRA has fined a firm for failing to conduct its business with integrity and is the first time the PRA has taken enforcement action against a parent financial holding company of a firm.

According to the PRA the breaches warranted a financial penalty of £12m but the Bank of London Group and Oplyse Holdings demonstrated this would cause serious financial hardship, so the PRA reduced the penalty to £2m. The Bank of London Group and Oplyse Holdings have agreed to settle this matter.

Sam Woods, deputy governor for prudential regulation and CEO of the PRA, said: “Trust in banking in the UK requires integrity and open communication with the PRA from all banks, regardless of their size.

“The Bank of London Group and Oplyse Holdings fell well below our standards, resulting in today’s penalty which marks the PRA’s first finding against a firm for acting without integrity.”