Reported by Huw Jones

Britain’s Financial Conduct Authority said on Monday it will ask lawmakers to report any problems they have opening or maintaining a bank account ahead of a formal investigation.

The review is part of a wider look at “debanking”, which recently became a political issue after former Brexit Party leader Nigel Farage said his account at private bank Coutts, part of NatWest, had been closed due to his political views.

Under global rules, politicians, their families and close associates are seen as potentially more susceptible to bribery and corruption given the influence they can have on decision making and transfer of funds, and therefore face tougher checks on opening and maintaining bank accounts.

Britain’s financial services minister Andrew Griffth said last month that he had asked the FCA to consider creating a domestic PEP regime to reflect the lower category of risk from those that have no international role.

Read full report: https://uk.news.yahoo.com/uk-watchdog-kicks-off-politically-162028474.html