Banks Told to Treat Politicians Fairly Following Debanking Review

Published on July 18, 2024

Banks and other financial firms have been told to treat politicians and their families fairly after the city regulator found improvement is needed in all the firms it had reviewed. The Financial Conduct Authority (FCA) was asked by Parliament to review firms’ practices regarding anti-money launching (AML) rules after some parliamentarians complained that they or their connections had been denied services or forced to provide excessive amounts of information. In its findings published on Thursday, the FCA said all 15 firms it had examined were clear that they wouldn’t decline products or services to British politicians and people in other roles with public function simply because of their status, but all firms have room for improvements....

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