Bank of London under investigation by City regulator
A troubled start-up clearing bank that until last year had ties with Lord Mandelson has revealed that it is being investigated by the City regulator and sounded a warning about its finances.
Bank of London, which claimed it had a valuation of more than $1 billion when it launched four years ago, disclosed in its delayed accounts for 2023 that the Bank of England's Prudential Regulation Authority was investigating 'certain historical matters' at the business.
It also said that it was the subject of separate 'enhanced regulatory supervision' by the PRA because of shortcomings including in its financial and regulatory reporting. Furthermore, problems assessing a share option scheme for staff meant EY, its external auditor, gave only a 'qualified' opinion of the accounts.
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Reuters
18 minutes ago
- Reuters
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