The UK Financial Conduct Authority has released a report focused on the 'de-risking' policies of banks. It found that banks are not being as "risk aware" and is concerned about their ability to manage risk. The FCA is set to begin probing banks seen to be denying services to 'risky' customers to avoid money-laundering concerns.
The UK Financial Conduct Authority has released a report focused on the 'de-risking' policies of banks. The FCA has warned that bank practices could be in violation of competition law in the UK as banks increasingly pull away from companies at the bottom of the financial services industry in an effort to cut regulatory scrutiny and compliance costs. The FCA is set to begin probing banks seen to be denying services to 'risky' customers to avoid money-laundering concerns.