Starling Bank fined £29m for ‘shockingly lax’ financial crime controls

The FCA’s review of financial crime controls at challenger banks in 2021 identified serious concerns with the framework in place at Starling. Photograph: Timon Schneider/Alamy

Starling Bank has been fined £29m by the City watchdog for “shockingly lax” financial crime controls that “left the financial system wide open to criminals and those subject to sanctions”.

The Financial Conduct Authority (FCA) said Starling, one of the UK’s most popular challenger banks, had expanded quickly but “measures to tackle financial crime did not keep pace with its growth”.