FCA sets out conditions of review into treatment of politically exposed persons

Finished by June 2024

clock • 2 min read

The Financial Conduct Authority has formally begun its review to “look carefully” into the treatment of domestic politically exposed persons (Peps) by financial services.

Today (5 September), the regulator set out which issues it will consider as part of a review of financial firms' arrangements for dealing with Peps based in the UK. The regulator first launched the investigation last month in the wake of former Brexit Party leader Nigel Farage alleging he had lost his bank account at Coutts, a private bank run by NatWest, due to his political views. FCA begins investigation into bank's 'politically exposed persons' procedures The FCA will submit its final report by the end of June 2024, within which it will consider how firms are applying the defin...

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