Transforming compliance through the pandemic and beyond

Last month the Financial Conduct Authority sent an unusually strongly-worded letter to the heads of UK lenders after receiving “credible reports” that some were abusing their lending relationships with struggling clients to strong-arm them into buying other services, while negotiating new or existing debt facilities. Banks’ compliance teams are combing through phone and computer records of transactions because no face-to-face meetings have taken place during the UK’s two-month Covid-19 lockdown, the people said.