Some of Wall Street's biggest banks are facing in-depth investigations by Britain's banking regulator amid concerns about widespread financial reporting failures
Sources said the PRA, which sits within the Bank of England, was concerned that other major investment banks were guilty of similar errors.
Commissioning the S166s does not in itself mean the firms will be found to have been negligent in their filings with the watchdog, but it does raise the spectre of potential fines for some of the world's biggest financial institutions. That status has been the subject of incessant speculation since the UK's vote to leave the European Union in June 2016, amid predictions that London risked being downgraded as one of the world's leading financial centres.
In a letter to major firms in October, PRA officials warned that they would"consider the full range of supervisory responses" if it had concerns about the quality of their financial reporting.
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