FCA signage seen at their head offices in London
(Picture: REUTERS)Six of the top UK “challenger” banks have weak financial controls that leave them at risk of being victims of money laundering, terrorist financing, fraud and cyber-crime, the top City watchdog warned today.
In a scathing report, the Financial Conduct Authority said the so-called challenger banks, supposed to shake up the lending and savings market, were woefully unprepared to deal with increasingly sophisticated financial criminals.
