FCA: The treatment of PEPs/GC24/4: Proposed amendments to guidance on the treatment of politically exposed persons
FCA has published the results of its multi-firm review on the treatment of PEPs. It has told firms that they should: ensure their definition of a PEP, family member or close associate is tightened to the minimum required by law and not go beyond that; review the status of PEPs and their associates promptly once they leave public office; communicate to PEPs effectively and in line with the Consumer Duty, explaining the reasons for their actions where possible; effectively consider the actual level of risk posed by the customer, and ensure that information requests are proportionate to those risks, and improve training offered to staff who deal with PEPs. FCA is proposing changes to its guidance to: reflect the new legal starting point that UK PEPs should be treated as lower risk; make clear that non-executive board members of civil service departments should not be treated as PEPs solely for that reason, and give greater flexibility in who can approve or sign off PEP relationships within firms. Responses are required by 18 October 2024.
Last updated · 13 Mar 2026
Regulatory News - Banking & Finance
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