FCA sharpens focus on handling of UK PEPs

The Financial Conduct Authority is reviewing the treatment of domestic politically exposed persons (UK PEPs) by financial services firms. Charlotte Hill and Struan Clark consider the scope and potential impact of the probe.

Charlotte Hill is a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, where Struan Clark is an associate. Contact them on c.hill@taylorwessing.com and st.clark@taylorwessing.com.

Background

The relationship between firms and their United Kingdom PEP clients has come under intense scrutiny this year, highlighted by the furore over Coutts' stance in closing accounts held by Nigel Farage. This scrutiny has resulted in repeated complaints from UK PEPs who wish to challenge how they are treated by firms.