1-7 of 7 results for subject:"Wyelands Bank"
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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.
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.
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.
To ask Her Majesty's Government whether the Bank of England has required Wyelands Bank to return all deposits or a category of deposits; if so, when; whether Wyelands remains an approved bank on the Bank of England list of banks; and if not, why this has not been publicly announced.
To ask Her Majesty's Government whether the Bank of England has required Wyelands Bank to return all deposits or a category of deposits; if so, when; whether Wyelands remains an approved bank on the Bank of England list of banks; and if not, why this has not been publicly announced.
The PRA published a statement on its website on 3 March 2021, confirming that Wyelands Bank had been required to operationalise an orderly repayment of its deposits. Wyelands Bank has since published a statement on its website confirming that its deposit accounts have been closed and that depositors were repaid on 17 March. Wyelands have instructed any depositors who have not received their funds to contact their Customer Service team.
Wyelands 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.
To ask Her Majesty's Government whether they or the Prudential Regulation Authority monitor loans by smaller banks to related parties; and what assessment, if any, they have made of how Wyelands Bank complies in this respect with regulatory limits.
To ask Her Majesty's Government whether they or the Prudential Regulation Authority monitor loans by smaller banks to related parties; and what assessment, if any, they have made of how Wyelands Bank complies in this respect with regulatory limits.