Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2), noting that it stemmed from problems first identified in 2021. The fine comes amid a...
Artificial intelligence is transforming the financial sector, with regulators highlighting potential “uninsurable” risks while innovative applications emerge in small business money management and mathematical problem-solving. As the United Kingdom’s Financial Conduct Authority (FCA) urges caution, China’s MYbank uses AI to boost small business financial planning,...
The United Kingdom’s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust for consumers. Currently, these firms must safeguard funds, which means their customers can lose money...
Cash may not be king in the digital age, but the dollars and the coins are still essential. Regulators and central banks, through new laws and research, have underscored the usefulness of financial institutions (FIs), merchants and other enterprises giving what we might term cash...
June 05, 2024
The respective online “walls of shame” that U.S. and U.K. regulators have proposed to erect — spotlighting companies under various investigations — may have a chilling effect on competition and innovation. As has been reported in recent days, the Consumer Financial Protection Bureau (CFPB) issued a final rule to establish a registry of nonbank financial companies […]
February 15, 2023
The U.K. has launched a long-awaited consultation aimed at regulating the BNPL sector. The eight-week consultation, which started Tuesday (Feb. 14) and was announced by the HM Treasury, comes two...
December 24, 2021
This Christmas, the U.K.’s Financial Conduct Authority (FCA) is taking the fight against fraud to a whole new musical level. Earlier this month, the financial watchdog announced in a statement...
June 29, 2020
The pandemic has drastically affected how consumers are shopping and paying for even routine purchases, and this in turn has altered how businesses are accepting their payments. The rise of...
October 17, 2024
The U.K. government said Thursday (Oct. 17) that it aims to provide buy now, pay later (BNPL) users with many of the protections provided by other consumer credit products. It has launched a consultation on proposals to bring BNPL companies under the supervision of the Financial Conduct Authority (FCA) and apply the Consumer Credit Act, […]
October 02, 2024
Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2),...
September 25, 2024
The United Kingdom’s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust...
September 10, 2024
A British regulator has charged a London man for operating several unlicensed crypto ATMs. Olumide Osunkoya, 45, has been charged with a running series of unlicensed machines that let users...
