Following months of turmoil, The Bank of London has failed to file its accounts for 2023 on time.
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The bank was due to file its 2023 accounts with Companies House by 31 December 2024.
In a statement provided to tax expert Dan Niedle, it says the accounts “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”.
In September, The Bank of London was handed a winding up order by UK tax authorities over unpaid bills just days after founder Anthony Watson stepped down as CEO.
At the time, the UK clearing bank insisted that the failed payment was due to an ‘administrative error’ and that Watson’s decision to step aside was unrelated.
In connection with this the startup revealed that it had secured ÂŁ60 million in fresh capital, leading to a new ownership structure led by Mangrove Capital Partners, and a new board, alongside replacement for Watson.
The late filing is “partly” as a result of these “fundamental changes,” it now says.
The Bank of London operates on three fronts: taking on established banks in the market for clearing and settlement; delivering transactions banking services for the corporate market; and fielding a banking-as-a-service offering for companies wanting to embed payments into their products.
Since its public launch in 2021, the loss-making bank has signed up 4500 businesses and amassed ÂŁ500 million in client deposits.
Responding to the latest revelations on LinkedIn, Neidle says: “I look forward to seeing the FCA’s reaction.”
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