‘Significant doubt’ revealed over Bank of London’s ability to keep operating

The financial district, the City of London. When the Bank of London launched in 2021, it became only the second clearing bank to enter the UK market in 250 years. Photograph: Vuk Valcic/Zuma Press Wire/Rex/Shutterstock

The Bank of London, the fledgling clearing bank formerly backed by Peter Mandelson, has revealed it is under investigation by UK regulators, with auditors saying the fallout could throw “significant doubt” over its ability to keep operating.

The news is a fresh blow for the troubled fintech, which has lost its founder and leading board members, including Lord Mandelson and US private equity boss Harvey Schwartz, and halved its workforce since being thrust into the spotlight in September over an embarrassing winding-up petition by the UK tax authority over unpaid debts.