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UK PRA Imposes Rare Fine on Former Bank CEO

UK PRA Imposes Rare Fine on Former Bank CEO

by Starling Insights

Starling Insights Editorial Board

Jan 31, 2024


Earlier this month, the UK Prudential Regulation Authority (PRA) imposed a nearly £119 thousand fine on Iain Mark Hunter, former CEO of Wyelands Bank, for violating the regulator's conduct rules. This action marks only the second instance where the PRA has issued a fine under the Senior Manager and Certification Regime since its introduction in 2016, highlighting a trend of intensified individual accountability within the financial industry.

"The PRA has taken significant action against Mr Hunter because his management created prudential risks for the firm, threatened its safety and soundness and contributed to the firm's breaches of a number of PRA rules and regulations," said Sam Woods, CEO of the PRA. "If senior individuals fail to meet the conduct rules, as Mr Hunter did, it undermines the trust in financial institutions and the wider financial system."

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