Tom Ogg advised the Prudential Regulation Authority on its enforcement action against The Bank of London Group Limited and Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited), the Final Notice for which was published today.
This is the first time the PRA has fined a firm for failing to conduct its business with integrity (Fundamental Rule 1), and the first time the PRA has taken enforcement action against a parent financial holding company of a firm. The firms were fined £2 million 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. The fine was reduced from £12m on account of serious financial hardship
