What's happened
The Financial Conduct Authority is reviewing banks' treatment of politically exposed persons (PEPs) after the closure of Nigel Farage's accounts, and has warned of potential fines for any significant deficiencies found.
Why it matters
The review is significant as it could lead to changes in how banks handle politically exposed persons, potentially impacting the financial services industry and public figures' access to banking services.
What the papers say
The Times reports on the FCA's warning of potential fines for banks found to have significant deficiencies in their treatment of politically exposed persons. The Independent highlights the FCA's focus on ensuring that financial institutions are proportionate in their risk assessments of PEPs. The Guardian and The Times both report on the Barclay family's bid to regain control of the Telegraph newspaper group with Middle Eastern investors' support, potentially involving Nadhim Zahawi as chairman, which could impact the future of the Conservative Party.
How we got here
The review follows the closure of Nigel Farage's accounts by Coutts, triggering concerns about banks' treatment of politically exposed persons. The Barclay family's bid to regain control of the Telegraph newspaper group has been ongoing since the group fell into receivership in June.
More on these topics
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The Daily Telegraph, known online as The Telegraph, is a national British daily broadsheet newspaper published in London by Telegraph Media Group and distributed across the United Kingdom and internationally.
It was founded by Arthur B. Sleigh in 1855 as
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Barclays plc is a British multinational investment bank and financial services company, headquartered in London, England. Apart from investment banking, Barclays is organised into four core businesses: personal banking, corporate banking, wealth managemen
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Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four" clearing banks. The bank was founded in Birmingham in 1765.
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Nadhim Zahawi is an Iraqi-born British Conservative Party politician of Kurdish descent who is a junior Minister and has been the Member of Parliament for Stratford-on-Avon since 2010, after the retirement of previous Conservative MP John Maples.
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National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank.
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Nigel Paul Farage is a British politician. He has been leader of the Brexit Party since 2019, and served as Member of the European Parliament for South East England from 1999 until the United Kingdom's exit from the EU in 2020.