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Banks

FCA review of debanking of political figures delayed until after election

A review by the Financial Conduct Authority of the treatment by financial services firms of political figures has been delayed until after the election.

The watchdog launched the review to scrutinise the wider sector treatment of domestic "politically exposed persons" (PEPs), in the wake of the Nigel Farage/Coutts bank issue.

Last autumn, it published initial findings on bank account access and closures, concluding there was no evidence that politicians' bank accounts were being closed because of their views.

The findings from a wider and deeper review of the whole financial sector were due to be published by the end of this month.

"However, we do not think it is appropriate to publish the review during the pre-election period," the FCA said in a statement on Wednesday.

"We will now publish it in July once Parliament has returned."

When it launched the review the FCA said it would consider how financial firms are conducting risk assessments of UK PEPs, their family members and known close associates, as well as the way firms are carrying out due diligence and monitoring, as well as how they decide to reject or close accounts for PEPs, their family members and known close associates.

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