Review into handling of politically-exposed persons delayed by election
By Josh White
Date: Wednesday 19 Jun 2024
(Sharecast News) -
Originally scheduled for release by the end of June, the FCA said the findings would now be made public in July after the return of Parliament.
It said the decision to postpone the publication was due to the ongoing pre-election period, which the FCA deemed an inappropriate time for the release.
The review, initiated in response to the Financial Services and Markets Act 2023, was launched last September to scrutinise the procedures financial services firms use to manage UK-based PEPs.
That includes how firms define PEPs, conduct risk assessments, apply enhanced due diligence, and manage account decisions for PEPs and their close associates.
The review was also set to examine the communication strategies firms use with their PEP customers and how they maintain appropriate controls over time.
Reporting by Josh White for Sharecast.com.
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