Financial Institutions: Conduct

HM Treasury written question – answered on 23rd May 2016.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask Mr Chancellor of the Exchequer, with reference to the Answer of 11 March 2016 to Question 30254, what penalty and enforcement options are currently available to the Financial Conduct Authority if financial institutions fail to meet their obligations in relation to Politically Exposed Persons.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.

The question has been passed on to the FCA. The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.

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