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ARTICLE · 17 JANUARY 2024

Second Fine By PRA For Breach Of Senior Manager Conduct Rules

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The Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank Plc £118,808 for breaching PRA Conduct Rules over a four year period.

United KingdomStrategy
Dan Lavender
Dan Lavender
Laura Bridgewater
Laura Bridgewater

The Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank Plc £118,808 for breaching PRA Conduct Rules over a four year period. The individual was also given an undertaking which effectively prevents him from performing any regulated function in the future. The penalty follows on from the PRA's public censure of Wyelands Bank in April 2023 for multiple regulatory failings, including in relation to large exposure limits, capital reporting, governance and risk controls and inadequate retention of WhatsApp messages.

The PRA found that the former CEO failed to take reasonable steps to, among other things:

  1. ensure that large exposures risks related to Wyelands business were appropriately managed; and

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