The Bank of London is under investigation by the PRA after EY's accounts warning

The Bank of London is under investigation by the UK's Prudential Regulation Authority (PRA).

The bank has faced significant financial challenges, including a severe funding crisis and a substantial reduction in its workforce.

The PRA probe, disclosed in the bank’s recently filed accounts—submitted months behind schedule—centres on “historical matters” predating a significant ownership change in 2024.

Auditors from EY have flagged these developments as creating “material uncertainties” that could jeopardize the bank’s ability to continue as a going concern and cast a shadow over its future.

The Prudential Regulation Authority (PRA) is investigating the Bank of London primarily due to several historical issues and governance failures that include:-

1. Historical Matters: The PRA is examining certain historical events at the bank, which have raised concerns about its financial and regulatory reporting.
2. Inaccurate Record-Keeping: The accuracy of the bank's historical records has been questioned, particularly regarding an employee share option scheme.
3. Governance Failures: The bank has faced governance challenges, including inadequate oversight and management practices.
4. Financial Uncertainty: The bank has experienced significant financial difficulties, including a severe funding crisis and doubts about its long-term viability.
5. Regulatory Reporting: The PRA has identified shortcomings in the bank's regulatory reporting, which has led to enhanced regulatory supervision.

These factors have collectively prompted the PRA to investigate the bank and increase scrutiny to ensure compliance and stability.

Despite securing additional capital, the bank's auditors doubt its ability to continue as a going concern.

OWNERSHIP DETAILS

• ‘Bank of London’, ‘The Bank of London’ and ‘TBOL’ are registered trading names of The Bank of London Group Limited. Its company number is 12844788 and its registered office is 4th Floor, 77 Cornhill, London, EC3V 3QQ, United Kingdom. Bank of London is authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. The Firm's Reference Number or FRN is: 930379. https://find-and-update.company-information.service.gov.uk/company/12844788/officers
• The Bank of London Group Holdings Limited, NOW Oplyse Holdings Limited, is the entity with significant control
• Oplyse Holdings Limited, company number 10511092 and registered office at 4th Floor, 77 Cornhill, London, EC3V 3QQ, United Kingdom is a parent financial holding company approved by the Bank of England’s Prudential Regulatory Authority (the “PRA”) under Part 12B of the Financial Services and Markets Act 2000 (FSMA). https://find-and-update.company-information.service.gov.uk/company/10511092/persons-with-significant-control

SOURCES

• https://www.finextra.com/newsarticle/45986/bank-of-london-faces-regulatory-probe-as-auditor-raises-uncertainty-over-future
• https://www.crowdfundinsider.com/2025/05/239605-the-bank-of-london-under-investigation-by-prudential-regulation-authority-raising-concerns-about-being-able-to-maintain-operations/
• https://bmmagazine.co.uk/news/bank-of-london-under-investigation-by-pra-amid-financial-uncertainty-and-governance-overhaul/
• https://en.wikipedia.org/wiki/Bank_of_London_%28clearing_bank%29
• https://find-and-update.company-information.service.gov.uk/company/12844788/persons-with-significant-control
• https://www.pymnts.com/news/regulation/2025/bank-of-london-discloses-investigation-by-uks-prudential-regulation-authority/