FCA vows ‘prompt action’ over refusal of bank services to UK politicians

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Britain’s top financial watchdog has vowed to take “swift action” against any bank found to have unfairly denied services to politicians and their families, outlining the terms of a wide-ranging review sparked by a dispute over Nigel Farage’s banking ties.

Britain’s Financial Conduct Authority said on Tuesday that its previously announced review would examine how banks define so-called “political risk persons”, how they are risk-assessed, how they monitor evolving risks and the process by which they decide to close accounts. It will also look at how banks communicate with politicians.

“If any major deficiencies are found, the FCA will take immediate action,” the regulator said. A source familiar with the matter told the FT that the FCA could take any action if it found problems, rather than waiting until the June 2024 deadline to meet review.

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