Financial Services: Regulation

Baroness O'Cathain Excerpts

Wednesday 6th September 2017 Lords Chamber

[Baroness O'Cathain (Con)]

My Lords, does my noble friend agree that one way to reduce regulation would be to review the excessive checks being made on politically exposed people in the UK, including me?

[Lord Bates]

I suppose we can all declare an interest in that. My noble friend may be encouraged to hear that as a result of the money laundering regulations that were laid before the House in June 2017, the FCA has issued guidance on politically exposed persons to ensure that they are dealt with on a case-by-case basis and in a proportionate way, and that organisations focus on those individuals who would be at highest risk and recognise those who are at lowest risk, which I am sure would include all Members of your Lordships’ House.