Peer-to-peer lenders in the UK have said there is an "urgent" need for tougher regulation of their own sector to ensure that consumers understand the risks they are exposed to, the FT.com reports. The fast growing £2.7 billion peer-to-peer sector has boomed on the back of low interest rates, while cash savers struggling to earn much more than the base rate of 0.25 per cent. However, the trade body representing the UK's major peer-to-peer lenders has called for tougher regulation of the whole sector to ensure consumers understand "the potential consequences" and higher risks involved. Authorities in Europe and Asia have cracked down on Zurich-based Falcon Private Bank over allegations that it processed almost US$4 billion, linked to Malaysia's scandal-hit 1MDB state investment fund and sent US$681 million to the country's prime ministers. Further, FT.com reports that Switzerland has accused Falcon of serious anti-money laundering failings and Singapore has withdrawn its local banking licence over dealings related to alleged large-scale international corruption involving 1MDB. The city state's monetary authority also separately fined UBS of Switzerland and Singapore's DBS Bank for 1MDB-linked rule breaches.