The Financial Conduct Authority (FCA) is launching an inquiry to see whether MPs and other ‘politically exposed persons’ (PEPs) have been impacted by ‘debanking’.
In brief:
-The FCA is now planning to send letters to PEPs to see whether this is a widespread issue affecting MPs and others in politics.
-Chancellor Jeremy Hunt has previously called on the FCA to “urgently” review the extent to which politicians are refused bank accounts
-The FCA said it would publish the full terms of reference to be reviewed in September and is set to release its findings by next June.
What does this mean?
“We are reviewing how financial services firms have applied the politically exposed persons regime and whether any changes are needed for UK PEPs,” the FCA said.
