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The Financial Secretary to the Treasury (Lord Livermore) (Lab)

Speaking in the House of Lords on 27 April 2026

Debate

Online Challenger Banks

Contribution

My Lords, the decision to provide banking services is largely a commercial one. Banks have strict obligations to ensure the legitimacy of a new customer and to protect against financial crime, and all new customers opening an account must be subject to due diligence under the money laundering regulations. The regulations are not prescriptive about how this should be done. The FCA expects banks to treat customers fairly and to take a proportionate approach commensurate with their assessment of the risk.

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