FCA Review Offers 'Challenger Banks' Advice On Crime Risks

By James Wickes and Amber Oldershaw (June 21, 2022, 9:37 AM BST) -- The Financial Conduct Authority has conducted a detailed review into the financial crime controls of challenger banks as they continue to enter the U.K. financial industry at a rapid pace. Such banks' surge in popularity is partially linked to the COVID-19 pandemic, which has prompted significant changes in the habits of service providers worldwide.

By January 2022, over a quarter of British adults had opened an online-only bank account; a dramatic increase from the 9% of users in January 2019. While the FCA's review indicated some evidence of good practice, it is clear that challenger banks must do more to reduce...

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