UK Financial Watchdog Demands Fairer Treatment for Politicians by Banks
The FCA's new guidance aims to prevent unfair banking practices against politically exposed persons and their families.
- The FCA reviewed banking practices and found room for improvement in treating politically exposed persons (PEPs).
- Proposed changes include treating UK PEPs as lower risk than foreign PEPs and excluding non-executive civil servants from PEP status.
- Banks are urged to implement immediate improvements and better communication with PEP clients.
- The review follows last year's controversy involving Nigel Farage's account closure, which sparked broader scrutiny.
- The FCA invites public feedback on the proposed amendments until October 18.
PYMNTS 
Evening Standard 
The Guardian 