UK Regulator Bans 2, Reprimands 3 For Credit Union Failure

Law360, London (February 6, 2020, 1:12 PM GMT) -- The Prudential Regulation Authority said Thursday it has banned two former directors for their part in the failure of a company holding £7 million ($9.1 million) in savings for 1,900 members, its first enforcement action against individuals working for a credit union.

The regulator said it has banned Richard Nichols, former director of Enterprise the Business Credit Union Ltd., and Michael Grimsdale, director of an business that provided services to Enterprise, from performing regulated activities at financial services firms.

Nichols acted with a lack of integrity during his time at the credit union, while Grimsdale lacked integrity and was dishonest, the...

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