Review of Domestic Politically Exposed Persons Treatment by Financial Services Firms
The FCA has announced that it will review how domestic Politically Exposed Persons (PEPs) are treated by financial services firms in the UK. The review will focus on how firms are dealing with PEPs and whether rules are being applied properly or creating unnecessary barriers for public servants and their families. It will report by the end of June 2024 and the FCA will take prompt action if any significant deficiencies are identified in the arrangements of any firm assessed. Sarah Pritchard, Executive Director of Markets at the FCA, said that these rules need to be implemented proportionately, and the FCA has been successful in getting some firms to improve their approach already. Individuals can also raise concerns with their financial institution or the Financial Ombudsman Service if rules are being applied inappropriately.