Standard 5 in the new British Psychoanalytic Council code of practice explicitly prohibits conversion practice: ‘intentionally seeking to change someone’s sexual orientation or gender identity’. Whilst the former is no longer at issue, there is fierce disagreement about the latter, and British ‘exploratory’ analysts stand accused of being transphobic. This paper describes the background to Standard 5 and prospect of a trans-inclusive legislative ban in Parliament. The jeopardy for psychoanalysis is that without consensus our clinical ethics can be hijacked. By revisiting Money-Kyrle’s ‘facts of life’, adding a 4th factor into the mix of modern identity, we will better protect our discipline from perverted misuse by conversion therapists.