Question to the HM Treasury:

To ask His Majesty's Government, further to the letter from Baroness Penn to Lord Hodgson of Astley Abbotts on 22 August 2023, when they expect to publish the interim report on the review of treatment of Politically Exposed Persons by financial institutions.

The Financial Services and Markets Act 2023 committed the Financial Conduct Authority to conduct, and publish the conclusions of, a review into how financial institutions are following its guidance on politically exposed persons (PEPs) by the end of June 2024. As set out in the Written Statement on the treatment of PEPs published on 14 December 2023, given the strength of concern on this issue, the Government expects that the FCA will prioritise this review over the coming months.