The lender that provides savings products to Monzo users has suspended offers for new customers after Monzo was hit by a Financial Conduct Authority investigation.Oaknorth, one of the lenders that offer £1 billion in savings to Monzo users, said it has temporarily stopped offering digital banking. Amid risk review and new product launch expected
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The lender was temporarily halted after Monzo disclosed last month it was the subject of an investigation by regulators over money laundering investigations.On Monzo's "savings market" website, three of the five credit partners were not available. Oaknorth suspended the offering while conducting due diligence amid a watchdog investigation,
The Times first reported.Sources said other lenders halted new offers before the FCA investigation began in May this year. The offer will be displayed on the website as "Temporarily unavailable" for new customersIt is understood Oaknorth temporarily halted lending on Wednesday. And can start a new offer next week.