PRA quadruples Hambro's fine for Wyelands Bank breaches

George Hambro, a non-executive director of Wyelands Bank plc, has had a fine imposed by the PRA quadrupled in order to deter others from showing insufficient skill, care and diligence in management and reporting of their firm's capital.

By Neasa MacErlean

As the bank's chief investment officer, he would have been fined £18,000 for the breaches - which lasted 32 months and enabled a regulatory misreporting of a £10 million capital injection - but the sum was pushed up to £72,000. The final notice also says that he did not benefit from a 30 per cent reduction in the fine because he agreed to settle the matter only after the discount period had ended.