Prudential Regulation Authority fines Bank of London and parent over capital disclosures
UK banks must evidence capital accuracy and open PRA disclosure
Change
Prudential Regulation Authority fined The Bank of London Group Limited and Oplyse Holdings Limited £2 million for misleading the PRA over capital positions and failing to maintain adequate financial resources.
Why it matters
The PRA found repeated capital-reporting failures, fabricated documents and failures to disclose deteriorating solvency information. The action also marks the PRA’s first integrity finding against a firm and first enforcement action against a parent financial holding company.
Implications
- — UK banks must maintain accurate own-funds and capital-position evidence because PRA fined The Bank of London after finding repeated misleading disclosures and fabricated documents.
- — PRA-regulated firms must disclose deteriorating solvency positions and capital breaches promptly because PRA found failures to be open and cooperative with the regulator.
- — Parent financial holding companies of PRA-regulated firms must maintain accurate consolidated own-funds reporting because PRA took enforcement action against Oplyse Holdings for capital-reporting breaches.
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