Pressure mounts on Bank of London as audited accounts now over four months overdue - UKTN

Pressure mounts on Bank of London as audited accounts now over four months overdue – UKTN

Posted by author February 11, 2025 Tech

There is growing pressure on the Bank of London to release its hotly-anticipated annual report, with the fintech’s financial figures hurtling towards being 150 days overdue.

A spokesperson for the company was unable to give an update on the timing of the publication of the accounts, which were due to be submitted in September 2024, adding that auditors EY were continuing to work on them “as a matter of urgency.”

Though we are now well into the second month of 2025, the Bank has not published accounts since its 2022 annual report. That was also filed more than three months late, as were the previous accounts, relating to the 2021 financial year.

That means the firm is set to incur its third consecutive fine for the late filing of accounts, a pattern of behaviour which is highly unusual for a business with a banking licence. Penalties for late filing of accounts are doubled if the same penalty was charged the previous year — though Companies House fines rarely exceed four figures. Revolut was also known for its repeated late filing of accounts, but has filed them on time since obtaining a banking licence.

The delay follows a turbulent period for the Bank of London, which in September was issued a winding up petition from HMRC, a manoeuvre used by the government body when it is unable to collect unpaid taxes from a business. The news came just days after the firm’s founder, Anthony Watson, announced he would be stepping down as CEO to transition to a new role as senior adviser.

In a statement, a Bank of London spokesperson told UKTN: “The Bank of London has undergone significant changes in the past six months, including £60m in fresh capital, a new ownership structure led by Mangrove Capital Partners, a substantially refreshed Board, and recently a new CEO in Christopher Horne who joined a few weeks ago, subject to regulatory approval.

“We are very aware that the Bank is late in filing its 2023 accounts, partly as a result of these fundamental changes. These are currently being worked on by the Bank and EY, its auditors, as a matter of urgency and they will be filed with Companies House in due course.”