FCA review into treatment of Politically Exposed Persons
Nick Barratt
Recognised and trusted expert in financial crimes compliance, with over 20 years of experience supporting boards and senior management, advising and leading anti-financial crime and anti-cybercrime initiatives.
You will no doubt have seen recent press coverage of issues faced by political figures and their families and associates when it comes to dealing with financial services firms. In some cases individuals have been excluded from products or services through no apparent fault of their own.
?Clearly this type of outcome is contrary to the expectations set out in the new Consumer Duty and the principle of treating all customers fairly. As a result, the FCA has launched a review of treatment of Politically Exposed Persons – or PEPs – in the UK, due for publication next June.
?While the FCA conducts its investigations it’s worth reviewing your own firm’s approach. Our latest article outlines what you should consider to make sure your PEP risk management is effective and efficient.
If you need help responding to the FCA or have any other questions on PEP management, please don’t hesitate to get in touch.