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‘Shockingly lax’: how soaring British bank Starling had its wings clipped

www.theguardian.com 29-12-2024 01:00 1 Minutes reading

Launched as a challenger to traditional lenders, it profited from offering state-backed loans during Covid. But then the regulator came calling

In June, Raman Bhatia walked into the fifth-floor office at Starling Bank’s headquarters in east London with a clean slate. It was set to be an antidote to a turbulent two years steering his former employer, Ovo, through an energy crisis and fines for overcharging customers.

At the digital-only challenger bank, where he was taking over from the founder, Anne Boden, things looked more rosy, with a possible stock market listing on the horizon. He began his term by rubbing shoulders with new Labour ministers in No 10’s rose garden, and charming staff during a tour of Starling offices in Cardiff, London and Southampton.

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One of the biggest political battles of the future began to take shape in 2024, yet it did not centre on Westminster. Instead, try Grangemouth in central Scotland, Port Talbot in south Wales and Luton in the south of England. Their stories were not front-page staples, but each was of huge significance – locally, nationally and economically.

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