The Bank of London, under scrutiny by UK regulators including the Prudential Regulation Authority, faces serious challenges following leadership upheaval and significant financial losses. With a recent report showing a £12m loss for 2023 and auditors questioning the bank's operational continuity due to inadequate historical records, doubts regarding future funding arise. The investigations stem from potential breaches that occurred prior to its recent ownership change and could severely impact the bank's operations going forward, forcing it to cooperate with regulators while conducting its own internal review.
The Bank of London is under investigation by UK regulators, raising doubts about its operational viability amid significant leadership and workforce changes.
BoL has revealed it is cooperating with the Prudential Regulation Authority (PRA) during its internal investigation into historical matters that could affect its future.
Auditors at EY raised concerns about the bank's ability to continue operating, citing inadequate historical records and the impact of an ongoing regulatory investigation.
BoL reported a £12m loss for 2023, with auditors qualified in their support due to potential financial and operational uncertainties surrounding the institution.
#bank-of-london #regulatory-investigation #financial-loss #auditors #prudential-regulation-authority
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