Following months of turmoil, The Bank of London has failed to file its accounts for 2023 on time. The bank was supposed to submit its 2023 accounts to Companies House by December 31, 2024.
In a statement to tax expert Dan Niedle, the bank indicated that 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 received a winding up order from UK tax authorities concerning unpaid bills, just days after founder Anthony Watson stepped down as CEO. At that time, the bank asserted that the payment issue resulted from an ‘administrative error’ and that Watson’s resignation was unrelated.
Amid these challenges, the startup disclosed securing £60 million in new capital, which introduced a revised ownership structure led by Mangrove Capital Partners and a new board, along with a successor for Watson. The bank now attributes the delayed filing to these "fundamental changes."
The Bank of London competes in three key areas: challenging established banks in the clearing and settlement market; offering transaction banking services for corporate clients; and providing banking-as-a-service solutions for companies looking to integrate payments into their products. Since its public launch in 2021, the bank has attracted 4,500 businesses and garnered £500 million in client deposits.
In response to the recent developments on LinkedIn, Niedle expressed anticipation regarding the FCA’s reaction.