FCA Urges Banks to Do More for Fair Treatment of Parliamentarians and Their Families

The Financial Conduct Authority (FCA) has urged banks, payment firms, and lenders to ensure that parliamentarians, senior public servants, and their families are not treated unfairly. The call follows last year's incident involving Alison Rose, former CEO of NatWest, who stepped down after a misjudged disclosure about politician Nigel Farage.

Britain's Financial Conduct Authority (FCA) has issued a call to action for banks, payment firms, and lenders, emphasizing the need for fair treatment of parliamentarians, senior public servants, and their families. The watchdog highlighted the importance of balanced scrutiny and warned against undue disadvantages.

Sarah Pritchard, FCA's executive director of markets and international, stated, "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." She stressed the necessity of firms to strike a balance and indicated that those failing to do so would be monitored for necessary changes.

This announcement comes in the wake of Alison Rose's resignation from NatWest after confessing to a significant error in judgment concerning a discussion about politician Nigel Farage's banking relationship with a BBC journalist. The FCA's statement is a clear message for improved fairness and accountability.

(With inputs from agencies.)