The ripples of this summer’s de-banking saga involving a variety of famous people are continuing to be felt.

In the wake of the PR storm, the Financial Conduct Authority is also conducting a review of the treatment of UK politically exposed persons (PEPs) by regulated financial institutions, which is now well under way.

In this article for FT Adviser, Diana Czugler reviews who is understood to be a PEP and the criteria used to designate someone as such, some of the FCA’s initial findings from its review and what can be expected next.