The Prudential Regulation Authority (PRA) has today announced that it has reached a settlement with Wyelands Bank.
The Bank has cooperated extensively throughout the PRA’s investigation and welcomes the resolution of this matter.
The Bank is currently in an inactive state, and the Board continues to work to successfully complete the final stages of its solvent wind down process. The Bank closed deposit accounts and repaid depositors by May 2021.
Wyelands Bank CEO Stephen Rose said: “The Board of Wyelands Bank has been committed to working constructively with the PRA throughout its investigation, and welcomes the matter being drawn to a close. The Board is grateful to the dedicated team of employees and advisors who have worked to protect depositors and support the Bank throughout the investigation.”
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