The Bank of London has been fined £2 million for misleading regulators with fabricated documents about its capital position over a three-year period. The UK's Prudential Regulation Authority found the fintech and its parent company Oplyse Holdings breached more than a dozen rules in their attempt to conceal financial health.

This marks the first time the PRA has fined a company for "failing to conduct its business with integrity" and taken enforcement action against a parent financial holding group. The breaches occurred between October 2021 and May 2024 when the bank was run by founder Anthony Watson, a former Barclays executive. The PRA said it would have imposed a £12 million penalty but reduced it due to potential financial hardship.

The scandal has already claimed several senior figures, including former Goldman Sachs executive Harvey Schwartz and Labour peer Lord Peter Mandelson, who both stepped down in October 2024. The bank's troubles intensified after UK tax authorities issued a winding-up order over unpaid debt in September 2024, though this was subsequently withdrawn.