FINAL NOTICE - Prudential Regulation Authority Financial Penalty

Sep 15, 2026

Final Notice by the Prudential Regulation Authority imposing financial penalties on The Bank of London Group Limited and Oplyse Holdings Limited. The decision sets out breaches of PRA Fundamental Rules and specific PRA Rulebook requirements, including reporting and limits relating to own funds and large exposures, and consolidated capital obligations for the Parent FHC. It summarizes regulatory findings on failures to recognize regulatory capital during the relevant period, including misleading statements to the PRA, document falsification, and misreporting of capital availability across both group and solo levels.

LanguageEnglish

CategoryLetters

FormatPDF

Pages63

Reading Time22 min

AccessFree to download

Action

Reasons for the penalty

Summary of reasons for the action

Authorization and regulatory scope

Parent FHC approval and obligations

Relevant period and ownership changes

Breaches and failings

Capital recognition and transparency failures

Misleading the PRA and mobilisation exit issues

FINAL NOTICE To: The Bank of London Group Limited (FRN 930379) Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited) (RN 957968) Date: 23 March 2026 1. Action 1.1. For the reasons set out in this Notice, the Prudential Regulation Authority (“PRA”) imposes a financial penalty of £2 million on The Bank of London Group Limited (the “Firm”) and Oplyse Holdings Limited (the “Parent FHC”) pursuant to section 206 of the Act in the case of the Firm and section 192Y of the Act in the case of the Parent FHC for: in respect of the Firm only, breaching: 1.1.1. PRA Fundamental Rule 1 (a firm must conduct its business with integrity); 1.1.2. PRA Fundamental Rule 3 (a firm must act in a prudent manner); 1.1.3. PRA Fundamental Rule 4 (a firm must at all times maintain adequate financial resources); 1.1.4. PRA Fundamental Rule 7 (a firm must deal with its regulators in an open and cooperative way and must disclose to the PRA appropriately anything relating to the firm of which the PRA would reasonably expect notice); 1.1.5. Chapter 3, Article 5 (requirement to report own funds on an individual basis), Reporting (CRR) Part of the PRA Rulebook; 1.1.6. Article 393 Capacity to Identify and Manage Large Exposures, the Large Exposures (CRR) Part of the PRA Rulebook; 1.1.7. Article 394 Reporting Requirements, the Large Exposures (CRR) Part of the PRA Rulebook; 1.1.8. Article 395 Limits to Large Exposures, the Large Exposures (CRR) Part of the PRA Rulebook; 1.1.9. Rule 2.3 of the Notifications Part of the PRA Rulebook; 1.1.10. Rule 2.1 of the Related Party Transaction Risk Part of the PRA Rulebook; 1.1.11. Rule 2.3 of the Related Party Transaction Risk Part of the PRA Rulebook; and in respect of the Parent FHC only, breaching: 1.1.12. Chapter 3, Article 7 (requirement for reporting own funds on a consolidated basis), Reporting (CRR) Part of the PRA Rulebook; and in respect of the Firm and the Parent FHC, breaching: 1.1.13. Rule 7A of the Definition of Capital Part of the PRA Rulebook; between 7 October 2021 and 22 May 2024 (the “Relevant Period”) or parts thereof. 1.2. The PRA, the Firm and the Parent FHC agreed to settle this matter. The serious failings in this case warrant a financial penalty of £12 million. However, the Firm and the Parent FHC have provided evidence to the PRA that payment of such a penalty would cause them serious financial hardship. As a result, the financial penalty was reduced to £2 million. 2. Summary of reasons for the action 2.1. The Firm was authorised by the PRA on 7 October 2021. It was regulated by the PRA for prudential purposes and by the Financial Conduct Authority (the“FCA”) for conduct matters following authorisation. The Firm is a Category 3 deposit taker, meaning it has the capacity to cause minor disruption to the UK financial system if it were to fail or by carrying on its business in an unsafe manner. 2.2. Pursuant to section 192R(2) of the Act, the PRA approved the Parent FHC asa Parent Financial Holding Company with effect from 7 October 2021. The Firm is a wholly owned subsidiary of the Parent FHC. The Parent FHC is not authorised to undertake regulated activities but is required to comply with certain provisions of the PRA Rulebook , including consolidated capital requirements as applicable to the Parent FHC and the Firm. 2.3. Further information about the Firm and the Parent FHC is set out in Annex A. 2.4. The breaches giving rise to this Notice arose between October 2021 and May 2024. There has since been a material change in ownership of the Firm and the Parent FHC, with new investors providing additional capital to seek to improve the capital position of the Firm and the Parent FHC, who have subsequently replaced most of their senior management, invested heavily in processes and controls and engaged third parties to assist in their remediation activity. 3. Breaches and failings 3.1. The PRA’s investigation identified

FAQs

Who is the Final Notice addressed to and what date does it reference?

It is addressed to The Bank of London Group Limited and Oplyse Holdings Limited. The notice is dated 23 March 2026.

What penalties does the PRA impose and how were they determined?

The PRA imposes a financial penalty of £2 million on The Bank of London Group Limited and Oplyse Holdings Limited. Settlement-related considerations and evidence of financial hardship led to the reduction to £2 million.

Which core breaches are cited in the notice?

The notice cites breaches of PRA Fundamental Rules on integrity, prudence, adequate financial resources, and open/cooperative dealings with regulators. It also references requirements and articles related to reporting own funds (including consolidated basis) and managing large exposures.

Sep 15, 2026

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