The Bank of England has fined former Wyelands Bank chief executive Iain Hunter 118,808 pounds ($151,338) for failing to ensure the lender had adequate systems and controls.
Wyelands Bank, now defunct, was part of the Gupta Family Group’s (GFG) metals-to-finance Alliance empire and the biggest client of Greensill Capital, a finance company that collapsed in 2021 after one of its major insurers refused to renew its cover.
The Bank of England’s Prudential Regulation Authority (PRA) said it fined Hunter for breaching rules that make senior executives at financial firms directly responsible for monitoring large exposures.
Hunter — who now works at GFG Alliance in a governance role, according to his LinkedIn profile — did not immediately respond to a request for comment via LinkedIn.
GFG Alliance declined to comment.
The PRA stated, “Mr. Hunter did not exercise the necessary skill, care, and diligence, and neglected to implement reasonable measures to ensure that Wyelands had sufficient systems and controls concerning the PRA’s large exposure regime and record-keeping requirements.”
Hunter has given an undertaking to the regulator that he will not work in the UK’s regulated financial sector in the future, the PRA said.
The PRA said Hunter had agreed to settle after the end of the grace period and was therefore not entitled to a 30% reduction in his fine.
Wyelands was criticized by the Bank of England last year for “extensive significant regulatory failures”.
($1 = 0.7851 pounds)
Source: Reuters