Finance
UK Watchdog Fines Bank of London and Parent $2.7 Million
Published by Global Banking & Finance Review®
Posted on March 24, 2026
2 min readLast updated: March 24, 2026
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Britain’s Prudential Regulation Authority fined Bank of London and parent Oplyse £2 million ($2.68m) for misleading the regulator on capital and failing in integrity, cooperation and maintaining adequate financial resources.
UK watchdog fines Bank of London and parent $2.7 million over integrity failings
Regulatory Action and Response
Details of the Fine
LONDON, March 24 (Reuters) - Britain's banking stability watchdog has fined the Bank of London and its parent company Oplyse Holdings Limited 2 million pounds ($2.68 million) for failing to act with integrity.
Regulator's Findings
The Prudential Regulation Authority, part of the Bank of England, said the bank had misled it about its capital, failed to be open and cooperative with the regulator and did not maintain adequate financial resources.
Official Statement from PRA
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.
Bank of London's Response
A spokesperson for Bank of London said that the wrongdoing had occurred under previous management.
Remedial Actions Taken
“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.
Additional Information
($1 = 0.7468 pounds)
(Reporting by Muvija M and Phoebe Seers, writing by Sam Tabahriti; editing by Sarah Young and Bernadette Baum)
Key Takeaways
- •The Bank of London, a digital clearing bank launched in 2021, has been under regulatory scrutiny amid prior signs of governance concerns and investigation by the PRA over historic lapses (theguardian.com).
- •This enforcement adds to a broader trend of the PRA penalising firms for failing to act with integrity or cooperate fully; recent high-profile fines include HSBC (£57m), Citigroup (~£44m), and Banque Havilland (£4m) (bankofengland.co.uk).
- •The £2m penalty reflects serious breaches of Fundamental PRA rules, reinforcing the regulator’s insistence that firms must be open, transparent, and financially robust to ensure banking sector resilience.
References
Frequently Asked Questions about UK watchdog fines Bank of London and parent $2.7 million
1Why was Bank of London fined by the UK watchdog?
Bank of London was fined for misleading the PRA over their capital positions and failing to act with integrity.
2How much is the total fine imposed on Bank of London and Oplyse Holdings?
The combined fine was 2 million pounds (approximately $2.68 million).
3Which regulatory body imposed the fine on Bank of London?
The Prudential Regulation Authority (PRA), part of the Bank of England, imposed the fine.
4What specific regulatory failures led to the fine?
Failures included misleading the regulator, not acting with integrity, not being open and cooperative, and lacking adequate financial resources.
5When was the penalty against Bank of London announced?
The penalty was announced in a statement on Tuesday, March 24.
