TLT picks out the key points you shouldn’t miss...
What’s this about?
The FCA released its findings on 18 July 2024 from its review of the treatment of politically exposed persons (PEPs) and concluded that banks, payment firms, lenders and other financial firms need to do more to ensure MPs, public servants and their families are treated fairly. At the same time, the FCA has also launched a consultation on amendments to its PEP guidance, but warned firms to make any required updates now, not to wait for the revised guidance.
Our Head of Economic Crime Compliance, Ben Cooper says...
“The FCA is sending a clear message that financial firms should be doing more to ensure domestic PEPs are treated fairly. Firms should review the FCA’s findings and make improvements now; they should not wait for the FCA’s updated PEP guidance.”
The FCA identified the following key findings...