24 March 2026 , 19:08
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Fintech, where Peter Mandelson and Harvey Schwartz were board members, received a £2mn penalty from the Bank of England.
The Bank of London was fined £2mn for misleading regulators about its capital position over a three-year period, including by providing fabricated documents to conceal its financial health.
The Bank of England’s Prudential Regulation Authority found that TBOL and its parent company, Oplyse Holdings, breached more than a dozen rules in their attempt to deceive regulators about their capital position.
This is both the first time the PRA has fined a company for “failing to conduct its business with integrity” and the first time it has taken enforcement measures against a parent financial holding group, the regulator said in a statement on Tuesday.
The PRA stated on Tuesday that the breaches occurred between October 2021 and May 2024. The bank was run by its founder Anthony Watson, a former Barclays executive, at the time.
The bank’s holding company also had former Goldman Sachs heavyweight Harvey Schwartz and Labour grandee Lord Peter Mandelson on its board during this period. The PRA did not accuse the two men of wrongdoing. They both stepped down in October 2024 after TBOL was thrust into the spotlight in September by a winding-up order from UK tax authorities over unpaid debt, which was subsequently withdrawn. Watson also stepped down in September 2024.
The PRA mentioned it would have fined TBOL £12mn, but such a fine would have resulted in serious financial hardship for the fintech, so the penalty was reduced to £2mn.
TBOL said in a statement: “The matters described in the notice relate to a period when the Bank was under previous ownership and management.”
“The Bank, its new management, and its investors remain committed to an open, transparent, and constructive relationship with the PRA and FCA. The Board and leadership team are confident that, with these legacy matters settled and with the backing of its investors, the Bank will continue to enhance trust and be able to return to growth in 2026.”
Head of Investigations