Wyelands Bank rebuked by Bank of England for regulatory failings

Central bank decides against £8.5m fine due to collapsed firm’s ‘limited resources’

The Bank of England has issued a public reprimand against the Greensill-linked Wyelands Bank after discovering “wide-ranging significant regulatory failings” at the lender, which is owned by Sanjeev Gupta, boss of the troubled Liberty Steel.

Wyelands, which was Greensill Capital’s biggest client before the scandal-hit firm collapsed in early 2021, was found to have breached a series of rules, falling short on governance and risk controls, the way it reported its capital position, and failing to retain messages sent on WhatsApp between 2016 and 2020.