PRA fines former Notified NED of Wyelands Bank for breach of Individual Conduct Rule 2

Article summary

The Prudential Regulation Authority (PRA) has fined George Hambro, a former notified non-executive director (NED) of Wyelands Bank Plc, £72,000 for breaching PRA Individual Conduct Rule 2 by failing to act with due skill, care, and diligence between 3 July 2017 and 19 February 2020. Hambro's conduct fell below the expected standards in relation to the recognition of capital, large exposure assessments, and managing potential conflicts of interest between Wyelands and the GFG Alliance in line with Wyeland’s internal policy. The penalty includes a material adjustment for deterrence. Hambro agreed to resolve the matter after the discount period and therefore did not qualify for a 30% reduction in the fine.