Mark Carney: internet-only lenders pose risk to UK financial system

Bank of England governor says fintech firms could trigger next financial crash without tighter regulation

The Bank of England governor has warned that a new breed of internet-only lenders are beginning to pose risks to the financial system and without tighter regulation they could trigger the next financial crash.

Mark Carney said high street banks were being displaced by online lenders that were untested in a recession, when bankruptcies might make their loans worthless.

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