Banks ordered to review PEP procedures after widespread issues identified

All firms in the retail sector are being asked by the FCA to check that their systems comply with the current and prospective guidance on PEPs (Politically Exposed Persons).

By Neasa MacErlean

The request follows a survey sent to 1,000 PEPs and adetailed reviewof 15 firms that represent 60 per cent of the market across current accounts, banking and consumer credit. The regulator is now consulting on new guidancebut wants firms to take action before this takes effect "where improvements have been identified".