PRA fines former CEO for Conduct Rules breaches

The PRA has fined the former CEO of Wyelands Bank Plc £118,808 for breaching three Conduct Rules between March 2016 and May 2020. Mr Hunter breached Individual Conduct Rule 2 and Senior Manager Conduct Rules 1 and 2 – he failed to take reasonable steps the ensure that Wyelands (which entered wind down in March 2020):

• had adequate systems and controls to identify, assess and manage connected parties’ risks in relation to large exposures;
• submitted large exposures returns which properly aggregated its exposures in respect of certain transactions with connected parties;
• had a formal and appropriate document retention policy in accordance with the record keeping obligations set out in the PRA Rulebook; and
• clearly apportioned responsibility for conducting analysis of Wyelands’ connected parties before March 2019.

Mr Hunter has agreed that he will not in the future apply for or perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.