The restrictions curb the ability of the firms, which are relatively small, to take on new customers, enter into new lending arrangements and, in some cases, accept payments from existing customers
International News via Reuters:
Britain’s financial watchdog said on Friday it had imposed restrictions on six private credit lenders over concerns about their anti-money laundering controls, limiting their ability to take on new customers and enter into new lending arrangements.
The restrictions curb the ability of the firms, which are relatively small, to take on new customers, enter into new lending arrangements and, in some cases, accept payments from existing customers, the Financial Conduct Authority said.
The FCA has promised to increase scrutiny of unregulated lenders – called Annex 1 firms – in the wake of the collapse earlier this year of UK-based property lender Mortgage Financial Solutions.
Reporting by Phoebe Seers; Editing by Tommy Reggiori Wilkes
