Regulation

FCA calls on MPs, peers to disclose evidence of de-banking

The FCA said it is 'keen to hear directly from UK Peps on their experiences, including any problems they have encountered'

More than 20 banks and building societies have around two weeks in which to respond ahead of the FCA’s publication of the findings in September
More than 20 banks and building societies have around two weeks in which to respond ahead of the FCA’s publication of the findings in September

The UK’s markets regulator is calling for evidence of so-called de-banking from MPs and peers who may have faced challenges with their banking services.

According to a letter from the Financial Conduct Authority sent on the evening of 14 August, the watchdog is “reviewing how financial services firms have applied the politically exposed persons regime and whether any changes are needed for UK Peps”.

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