Bank of England fines former CEO of Wyelands Bank

LONDON (Reuters) -The Bank of England said on Thursday it has fined Wyelands Bank’s former CEO Iain Mark Hunter 118,808 pounds ($151,338) for failing to ensure the lender had adequate systems and controls.

Wyelands Bank, now wound down, was part of the Gupta Family Group (GFG) Alliance metals-to-finance empire, and the largest client of Greensill Capital, the financing company that went bust in 2021 after one of its main insurers declined to renew its cover.

The BoE’s Prudential Regulation Authority (PRA) said it has fined Hunter for breaching rules that make senior managers at financial firms directly accountable for monitoring large exposures.

“Mr Hunter failed both to act with due skill, care and diligence, and to take reasonable steps to ensure that Wyelands had adequate systems and controls in relation to the large exposures regime and PRA record keeping requirements,” the PRA said in a statement.

“Mr Hunter has given an undertaking to the PRA that he will not in the future apply for or perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm,” it added.

Reuters was not able to immediately reach Hunter for comment via LinkedIn or his current employer.

The PRA said Hunter agreed to settle after the end of the discount period, and therefore did not qualify for a reduction of 30% in his fine.

The BoE censured the bank itself last year for “wide-ranging significant regulatory failures”.

($1 = 0.7851 pounds)