Under upcoming plans from the Prudential Regulation Authority, banks in the UK that self-report wrongdoing early could benefit from an “enhancement settlement discount”. The plans are to be fleshed out by the spring but, under the scheme, fines could be reduced by up to half. James Tyler was quoted in an article by Banking Risk […]
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 […]
In the past few months, the media have shone the spotlight on the issue of banking politically exposed persons (PEPs), in addition to the UK introducing tighter regulation to address the issue of PEP bank account closures and reviewing financial institutions’ compliance with existing rules. In this article for eprivateclient, Diana Czugler discusses who is […]
Earlier this week, the Financial Conduct Authority (FCA) set out the issues it will consider as part of a review of how financial services firms treat politically exposed persons (PEPs). The review, which is to report by the end of June 2024, will look at the arrangements that firms have in place with PEPS based […]
The recent media furore over the withdrawal of existing, or reluctance to offer, banking facilities for so-called politically exposed persons (PEPs) has shone a light on an issue that many prominent individuals have been grappling with for some time. The UK government wants to address the problem of PEP bank account closures through introducing tighter […]
