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Starling Bank’s annual profits have fallen by 26% after the bank admitted to £28 million in losses from Covid bounce back loans and was fined £29 million by the FCA for weak financial crime controls.
Chief executive Raman Bhatia said the bank’s own inadequate controls were to blame for the loan losses, and Starling will not seek government reimbursement. The FCA described Starling’s financial crime screening as “shockingly lax,” further denting profits.
Starling is now investing in compliance and risk management to prevent future issues and restore trust.