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Written question asked by Lord Myners (Crossbench) on Monday, 17 May 2021, in the House of Lords. It was due for an answer on Tuesday, 1 June 2021. It was answered by Lord Agnew of Oulton (Conservative) on Thursday, 27 May 2021 on behalf of the Treasury.

Wyelands Bank

Question

To ask Her Majesty's Government whether they plan to hold an inquiry into (1) the granting of a banking licence to Wyelands Bank, and (2) its subsequent supervision by the Prudential Regulation Authority.

Answer

Since the financial crisis, we have implemented sweeping reforms to financial regulation. Through the Financial Services Act 2012, we dismantled the failed tripartite system, and replaced it with a set of regulators with clear objectives and responsibilities, with the Prudential Regulation Authority (PRA) responsible for the prudential supervision of the UK banking sector, and the Financial Conduct Authority (FCA) for ensuring proper conduct in line with UK financial regulations.

Wyelands Bank remains authorised by the PRA and regulated by the PRA and the FCA; however, as shown on the Financial Services Register, its permission to perform regulated activities is subject to limitations.

Although HM Treasury does not comment on supervisory matters, we continuously monitor risks across the financial sector and escalate our response where appropriate in coordination with the independent financial authorities – the FCA, PRA and Bank of England – as well as relevant government departments.

Secondary information

Type
Written question
Reference
HL292
Session
2021-22
Subjects
Inquiries Licensing Prudential Regulation Authority Wyelands Bank
Link
View this Written question on www.parliament.uk