The UK is one of more than 200 countries that have signed up to more financial checks on senior figures in the public eye.
The Financial Conduct Authority has warned banks they will ‘act’ if politicians are wrongly denied access to services
Writing in the Telegraph, FCA executive director Sarah Pritchard said they are reviewing whether financial institutions are being “proportionate” in their risk assessments of politically exposed persons . “If we find that banks and others are more tick-box than risk-based, we will act. Because proportionate additional financial scrutiny should not make it harder than it needs to be to take part in public life.”In late June, former leader of the UK Independence Party Nigel Farage had his Coutts bank accounts closed and said he was refused accounts with other banks as a result of his political views.
The scandal brought on calls from the Treasury and ministers for the FCA to conduct a review into whether financial institutions are meeting their guidance over the treatment of PEPs and whether that guidance needs to be updated.
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