(Bloomberg) -- The Bank of England’s Prudential Regulation Authority fined the former chief executive officer of Wyelands Bank over the way the firm handled its ties to the metals tycoon Sanjeev Gupta. 

The regulator fined Iain Mark Hunter £118,808 ($151,370) for breaching three of the agency’s conduct rules between March 2016 and May 2020, according to a statement on Thursday. Hunter also agreed to not perform any regulated roles in future. 

“If senior individuals fail to meet the conduct rules, as Mr. Hunter did, it undermines the trust in financial institutions and the wider financial system,” Sam Woods, chief executive officer of the PRA, said in the statement. “Mr. Hunter failed to take reasonable steps to ensure that large exposures risks relating to Wyelands’ business were appropriately identified and mitigated, and failed to take appropriate steps to verify the accuracy of statements he made to the PRA.”

Wyelands Bank, bought by Gupta in 2016, was censured by UK regulators last year for failing to control and disclose its exposure to Gupta’s other firms, which resulted in an “unacceptable concentration of risk.” The bank is being wound down.

The PRA forced Wyelands to repay its depositors in 2021 amid the unravelling of Greensill Capital, Gupta’s biggest lender. Without Greensill’s financing, the metals tycoon lost several key parts of his empire before reaching a deal with his main creditors to restructure debts. 

Read more: Gupta’s Wyelands Bank Censured by PRA for ‘Serious Failings’

According to the regulator, Hunter “failed to comply with Wyelands’ internal policy which had been created to mitigate potential conflicts of interest arising from its membership of the Gupta Family Group (GFG) Alliance and failed to take appropriate steps to verify the accuracy of statements he made about Wyelands in two letters he wrote to the PRA.”

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