- The Bank of London misses deadline to file its 2023 accounts.
- The delay is linked to internal changes and a £60 million capital raise.
What Happened: The Bank of London fails to meet filing deadline
The Bank of London has missed the deadline to file its accounts for 2023 with Companies House, which was set for 31 December 2024. In a statement to tax expert Dan Niedle, the bank acknowledged that its accounts are currently being prepared with the assistance of EY, its auditors. The bank assured that the accounts will be filed soon.
The delay follows months of issues. In September 2024, UK tax authorities issued a winding-up order due to unpaid bills. This happened just days after founder Anthony Watson resigned as CEO. The bank said the missed payment was caused by an administrative error and that Watson’s resignation was not related. The startup later secured £60 million in new funding. This led to changes in ownership, a new board, and Watson’s replacement. The bank explained that these changes caused the delay in filing the accounts.
Why It’s Important
The delay in filing accounts for The Bank of London raises questions about its internal stability and the impact of recent leadership and ownership changes. The bank’s failure to meet regulatory deadlines could result in further scrutiny from the UK’s Financial Conduct Authority (FCA). Furthermore, the ongoing financial troubles, including the winding-up order and the bank’s loss-making status, put its future at risk despite its £60 million capital raise. Investors, clients, and regulators will be closely monitoring the bank’s financial health and its ability to meet future obligations.
