Financial Watchdog Vows ‘Prompt Action’ If Services Disproportionately Debank Politicians

The FCA made the promise on Tuesday as it launched a review into how firms are treating politically exposed persons (PEPs) in the UK.

Customers use an ATM machine outside a branch of a NatWest bank, in central London, on Feb. 14, 2023. Justin Tallis/AFP via Getty Images

The City regulator said it will take “prompt action” if a bank or financial service outright denies service to politicians rather than basing the decision on risk.

The Financial Conduct Authority (FCA) made the promise on Tuesday as it launched a review into how firms are treating politically exposed persons (PEPs) in the UK.