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Starling Bank’s annual profits have fallen by 25% after the bank took responsibility for £28 million in losses from Covid bounce back loans and paid a £29 million fine 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,” compounding the bank’s financial woes.
Starling is now investing in compliance and risk management to support future growth and restore confidence.