- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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