FCA invites PEPs to share their experiences with financial services firms

FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to its guidance is required. It has now written a letter to PEPs directly inviting them to share their experiences, including any problems they or their family members have encountered.

FCA is seeking evidence on the experiences that UK PEPs have had when dealing with firms, particularly where this has proven to be negative. It has asked respondents to provide information on:

  • The nature and reason(s) regarding their complaint or negative experience, when it occurred and which firm(s) was involved;
  • The products / services were involved in the events concerned;
  • Those affected by the issues and circumstances (the PEP, their family members, close known associates);
  • The main consequences as a result of the issue(s), (for example the inability to access a service required, delays in finding and obtaining services from an alternative provider, any impact on credit rating, etc.);
  • The firm’s communications and interaction regarding the events concerned, including details of any delays, the level of information provided and the communication channel(s) used; and
  • Any examples of a more positive experience in dealing with FCA banks/ firms, when these experiences were and why they were better.

FCA has not set a specific deadline for responses, and has made it clear that it is not requiring a response.  However, it does ask for responses as soon as possible and ideally by the end of September to fit in with the timings for its review. The full terms of reference for the review will be published in September, and FCA will report back by June 2024.

Laura Wiles