UKIP

What is a 'politically exposed person' and why do the likes of Jeremy Hunt and Nigel Farage claim the status prevents them getting bank accounts?

Retrieved on: 
Thursday, July 13, 2023

Reports vary as to why the private bank Coutts decided to close the account of former UKIP leader Nigel Farage.

Key Points: 
  • Reports vary as to why the private bank Coutts decided to close the account of former UKIP leader Nigel Farage.
  • He claims he was excluded for his political views, the bank says the problem was a lack of funds.
  • But either way, his case does highlight a wider and longstanding problem faced by so-called “politically exposed persons” or “PEPs”.

What is a PEP?

    • A PEP is anyone who is “entrusted with prominent public functions” either in the UK or in any other country.
    • However, on top of the PEPs themselves, their families and their “close known associates” are also made subject to strict anti-money laundering laws too.
    • That’s because their accounts can be used to receive and hold the proceeds of corruption.

Are banks shutting down the accounts of PEPs?

    • In 2015, Barclays had to pay £72 million in one such case involving PEPs.
    • Faced with such potential penalties, banks have apparently sought to minimise their own risk of incurring these fines by minimising the number of PEP customers they accept.
    • This is despite the fact that the FCA has expressly warned that banks should not end their relationships with customers just because they are PEPs.

Changing the guidance

    • In response to the grievances raised by UK politicians, Andrew Griffith, the economic secretary to the Treasury has written to the FCA asking it to fast-track a proposed review of its guidance to banks on dealing with PEP customers.
    • Banks should ensure that they direct their oversight resources towards riskier PEP customers and take a lighter-touch approach to PEPs who, by the nature of their activities, have little or no exposure to corruption risk.

Net migration: how an unreachable target came to shape Britain

Retrieved on: 
Saturday, May 27, 2023

Net migration is the difference between the number of people entering the country (and expected to stay long term) and the number leaving.

Key Points: 
  • Net migration is the difference between the number of people entering the country (and expected to stay long term) and the number leaving.
  • Until 2010, the UK debate generally focused on the number of people arriving – and on the idea that immigration presented a problem.
  • He promised to bring net migration – a metric usually only of interest to data nerds and researchers – down to the “tens of thousands”.
  • But the reality was (and still is) that government only has limited control over who comes and goes.

A moving target

    • The coalition years were dominated by this promise to hit the net migration target by the 2015 election.
    • As the 2015 election neared, the magnitude of the failure to meet the target was becoming obvious.
    • The party reiterated its promise to hit the net migration target, now referred to as an “ambition”, while Cameron campaigned to remain in the EU.
    • And when Theresa May took over as prime minister, her administration continued to commit itself to the net migration target, including it in her election manifesto.

Caught in their own net

    • He continued to suggest this would deliver lower numbers, but with attention elsewhere and net migration lower than before the referendum, nobody seemed keen for a return to Cameron’s “balancing the books”.
    • Ultimately, the net migration target was hit by accident.
    • But Johnson’s “have your cake and eat it” post-Brexit policymaking – which has continued under Rishi Sunak – planted the seeds for a new net migration panic.
    • Now that the public has been introduced to the problematic concept of the “right amount” of net migration, the government may simply have to accept that it has been caught in its own net.

FOX News Channel to Present Special Live Coverage of Queen Elizabeth II’s Platinum Jubilee Beginning June 1st

Retrieved on: 
Tuesday, May 31, 2022

FOX News Channel (FNC) will present special live coverage of Queen Elizabeth IIs Platinum Jubilee starting Wednesday, June 1st, commemorating Her Majesty the Queen of Englands 70 years of service to the United Kingdom.

Key Points: 
  • FOX News Channel (FNC) will present special live coverage of Queen Elizabeth IIs Platinum Jubilee starting Wednesday, June 1st, commemorating Her Majesty the Queen of Englands 70 years of service to the United Kingdom.
  • Entitled The Platinum Jubilee of Queen Elizabeth II, the networks live coverage will highlight the life and ongoing legacy of the longest-reigning British monarch in history.
  • FOX News Media operates the FOX News Channel (FNC), FOX Business Network (FBN), FOX News Digital, FOX News Audio, FOX News Books, the direct-to-consumer streaming services FOX Nation and FOX News International and the free ad-supported television service FOX Weather.
  • 5-9 AM/ET Special coverage entitled, The Platinum Jubilee of Queen Elizabeth II hosted by Ainsley Earhardt, Martha MacCallum and Piers Morgan live from outside Buckingham Palace
    5-9 AM/ET Special coverage entitled, The Platinum Jubilee of Queen Elizabeth II hosted by Ainsley Earhardt, Martha MacCallum and Piers Morgan live from Park Plaza Westminster Bridge London
    View source version on businesswire.com: https://www.businesswire.com/news/home/20220531005825/en/