The Financial Conduct Authority (FCA) announced the scope of its review into the treatment of U.K.-based politically exposed persons (PEPs), the latest development in response to the Nigel Farage “debanking” scandal.
The review “will look carefully at firms’ arrangements for dealing with PEPs based in the U.K.,” said the FCA in a press release Tuesday. The regulator on Aug. 15 issued a statement requesting PEPs share their experiences dealing with financial services firms.
