By Neil Hodge2023-04-12T14:55:00
The recent case of a bank heavily reliant on business coming from the group of companies that owned it raises questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
On April 4, the Bank of England’s enforcement arm, the Prudential Regulation Authority (PRA), censured Wyelands Bank for “wide-ranging” and “significant” regulatory failings that took place between December 2016 and May 2020.
Wyelands became the first financial institution to prompt the regulator to act against it for flouting rules regarding large capital exposure limits and failing to act in a prudent manner. Other serious breaches cited in the PRA’s final notice related to capital reporting, risk and governance controls, and poor retention of WhatsApp messages.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2023-04-13T13:48:00Z By Aaron Nicodemus
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
2023-03-30T14:40:00Z By Neil Hodge
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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