Question to the HM Treasury:

To ask Her Majesty's Government whether the Bank of England has required Wyelands Bank to return all deposits or a category of deposits; if so, when; whether Wyelands remains an approved bank on the Bank of England list of banks; and if not, why this has not been publicly announced.

The PRA published a statement on its website on 3 March 2021, confirming that Wyelands Bank had been required to operationalise an orderly repayment of its deposits. Wyelands Bank has since published a statement on its website confirming that its deposit accounts have been closed and that depositors were repaid on 17 March. Wyelands have instructed any depositors who have not received their funds to contact their Customer Service team.

Wyelands remains authorised by the PRA and regulated by the PRA and the FCA; however, as shown on the Financial Services Register, its permission to perform regulated activities is subject to limitations.