Claire Cross comments on FCA’s imposition of a £29m fine on Starling Bank

Partner, Claire Cross, comments in the Financial Times on the FCA’s imposition of a £29m fine on Starling Bank for “shockingly lax” controls against financial crime. It is the first fine of its type against a digital bank.

Starling was fined for failings related to its financial sanctions screening and controls and for repeatedly breaching a requirement not to open accounts for high-risk customers. According to the FCA, the challenger bank’s measures to tackle financial crime “did not keep pace with its growth” and “left the financial system wide open to criminals”.

You can read the comments in full in the Financial Times.