The Financial Conduct Authority (FCA) has told banks, payment firms, and lenders to ensure that parliamentarians, senior public servants, and their families are not treated unfairly. The FCA made this announcement in a statement on Thursday.
"Public service naturally comes with greater scrutiny. But it must be proportionate and shouldn't disadvantage people running for office or taking senior public roles, or their families," said Sarah Pritchard, the FCA's executive director of markets and international, in the statement.
"That requires a balancing act. Most firms try to get it right but there is more they can do. We're following up with those firms that were getting the balance wrong to ensure they make changes."
Last year, Alison Rose stepped down as the CEO of lender NatWest after admitting to a "serious error of judgement" in discussing politician Nigel Farage's relationship with the bank with a BBC journalist, reported Reuters.
The incident led to a major review of how financial firms treated politically exposed persons (PEPs), amid concerns that some individuals were being denied accounts or other services due to their political views.
The FCA stated that most firms did not subject PEPs to excessive or disproportionate checks, but it is proposing changes to its guidance to prevent possible mistreatment of PEPs in the future.
The regulator is consulting the industry on whether UK-based PEPs should qualify for a lower risk status and on introducing special protections for non-executive members of the civil service, who should not be defined as PEPs solely for that reason, the FCA said.
The consultation will close on 18 October, but the FCA urged firms where possible improvements had been identified to act before the final updated guidance is published.
FILE PHOTO: A general view shows British Steel's Scunthorpe plant, in Scunthorpe, northern England, Britain, March 31, 2025. REUTERS/Dominic Lipinski
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. (Representational image: iStock)
FBU chief raises concern over rise in racist online posts by union members
THE FIRE Brigades Union (FBU) and other trade unions are increasingly concerned about a rise in racist and bigoted online comments by their own members and officials, according to Steve Wright, the FBU’s new general secretary, speaking to the Guardian.
Wright said internal inquiries have revealed dozens of cases involving members using racist slurs or stereotypes, often aimed at asylum seekers.
He said similar issues were reported in other unions, prompting a joint campaign to counter false narratives around immigration and race promoted by far-right groups online.
“People with far-right views are becoming more brazen in what they do on social media, and I’ve witnessed it with my own union around disciplinary cases and the rhetoric of some of our own members,” Wright said to the newspaper.
He added, “Some of our members and sometimes our reps have openly made comments which are racist and bigoted. In my time in the fire service, that has gone up.”
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. A formal statement addressing far-right narratives will be launched at the union’s annual conference in Blackpool next month.
Wright cited the influence of social media and figures like Donald Trump and Nigel Farage as factors contributing to these incidents. “It feels like an itch that we’ve got to scratch,” he said.
The FBU barred a former official last year for allegedly endorsing racist content on X, including posts from Britain First and Tommy Robinson.
Wright also warned that the union could strike if the government moves to cut frontline fire services.