- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-05T15:23:00
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.
Debanking has been a hot topic in the United Kingdom following the controversial decision by NatWest to close the accounts of Farage, a politician who said the move was made because his right-wing political views. The bank’s handling of the matter—which included its chief executive officer admitting to discussing details regarding Farage with a BBC reporter—earned it significant criticism among lawmakers. The CEO stepped down in July.
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