PRA hits former Wyelands Bank director with £72k fine

(Sharecast News) - The Prudential Regulation Authority has fined former Wyelands Bank director George Hambro £72,000 for failing to act with "due skill, care and diligence". The PRA said Hambro's conduct between 3 July 2017 and 19 February 2020 "fell below the standards expected of a person in his position" and demonstrated "a serious lack of due skill, care and diligence" in relation to the recognition of capital, large exposures assessments, and Wyelands' internal policy to manage potential risks of conflicts of interest between the bank and the wider GFG Alliance.

The watchdog stated Hambro breached Individual Conduct Rule 2 when he failed to make inquiries as to the appropriateness of a £10.0m capital injection into Wyelands, make sufficient inquiries as to the date of a GFG executive's resignation as a director of a GFG entity, and take steps to ensure the Wyelands' Engagement Policy was complied with when he was involved in proposing transactions or potential transactions between Wyelands and GFG members or business associates of GFG.

Sam Woods, chief executive of the PRA, said: "We have taken this action against Mr Hambro because his breaches and failings contributed to creating prudential risks which threatened the safety and soundness of Wyelands Bank."

Hambro has accepted his failings and expressed regret for them, added the PRA.

Reporting by Iain Gilbert at Sharecast.com