On 15 August 2023, the FCA published a letter requesting information on Politically Exposed Persons (PEPs).
The letter sets forth that, following Royal Assent of the Financial Services and Markets Act 2023 (the Act) on 29 June 2023, the FCA will be undertaking a review, which will assess how FCA regulated firms are complying with their legal and regulatory obligations regarding the risk management and treatment of PEPs, as well as their relatives and close associates, and their application of the FCA’s guidance FG17/6: The treatment of politically exposed persons for anti-money laundering purposes.
The letter outlines how the FCA is keen to hear directly from UK PEPs on their experiences, including any problems they or their family members have encountered.
The FCA will publish the full terms of reference for the review in September and report back by June next year, as set out in the Act. The findings will inform any subsequent steps.