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UK Delays Review of "Politically Exposed" Bank Clients Until After Election

Britain's financial watchdog, the Financial Conduct Authority (FCA), has postponed the release of its review on how banks conduct mandatory checks on "politically exposed" customers and their families for money laundering risks.


UK Delays Review of "Politically Exposed" Bank Clients Until After Election

Originally scheduled for the end of June, the review will now be published after the national election on July 4, once parliament reconvenes.

 

The review of rules concerning politically exposed persons (PEPs) is part of a broader examination into "debanking", a contentious issue heightened after private bank Coutts closed the accounts of Nigel Farage, leader of the Reform UK party.


Farage accused NatWest-owned Coutts of discrimination based on his political views. Following public scrutiny, NatWest CEO Alison Rose resigned, citing an "error of judgment" in discussing the case with a journalist.


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While the FCA emphasized that it lacks the authority to change laws requiring additional checks on PEPs, it is scrutinizing whether current risk assessments for British PEPs, their families, and close associates are fair, proportionate, and do not unnecessarily hinder public servants and their families.

 

According to the FCA, there is concern that individuals might face exclusion from financial services "through no fault of their own" if banks apply regulations inappropriately. This delay in the review's publication underscores ongoing debates surrounding the financial sector's approach to high-risk customers and the implications for individuals involved in public service.

By fLEXI tEAM

 

 

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