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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff and Jasper Jolly

Wyelands Bank rebuked by Bank of England for regulatory failings

Bank of England GFG United Kingdom Sanjeev Gupta Liberty Steel PRA
People stand outside the Bank of England in the City of London.
The reprimand was issued by the Bank of England’s regulatory arm, the Prudential Regulation Authority. Photograph: Henry Nicholls/Reuters

The Bank of England has issued a public reprimand to the Greensill-linked Wyelands Bank after discovering “wide-ranging significant regulatory failings” at the lender, which is owned by Sanjeev Gupta, boss of the troubled Liberty Steel.

Wyelands was found to have breached a series of rules, including falling short on governance and risk controls, reporting its capital position incorrectly, and failing to retain messages sent on WhatsApp between 2016 and 2020.

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