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Barclays boss concerned by challenger compliance

Finance

Barclays’ head of consumer banking and payments has warned that compliance concerns around challenger banks risk “creating a bad name for the banking industry”. Ashok Vaswani said that concerns around the ability of start-ups to automatically monitor transactions are “dangerous” for the sector. “At the end of the day, the whole system is only as strong as the weakest link,” the executive said. “And therefore, it’s in nobody’s interest that we get into trouble for that kind of stuff,” he added.

 

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