FCA and PRA disclosure issues—one minute guide
Produced in partnership with Brown Rudnick LLP
FCA and PRA disclosure issues—one minute guide

The following Financial Services guidance note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:

  • FCA and PRA disclosure issues—one minute guide
  • Powers to obtain information
  • Confidentiality—restrictions on disclosure
  • Exceptions under section 349
  • Overseas regulators
  • Protected information

The Financial Conduct Authority (FCA) has a variety of powers under the Financial Services and Markets Act 2000 (FSMA 2000).

This Practice Note will discuss the FCA’s powers to obtain information and the restrictions on its disclosure and use of information obtained. However, it is worth noting that the Prudential Regulation Authority (PRA), like the FCA, has powers under sections 165-169 of FSMA 2000 (as detailed below) and can require firms to provide information and reports, appoint investigators and assist overseas regulators. The PRA has an additional power to require information under FSMA 2000, s 165A. Section 165A provides the PRA with the ability to require information held by investment funds that may be relevant to the stability of the UK financial markets.

For more information, please see Practice Note: FCA and PRA disclosure issues—essentials.

Powers to obtain information

The FCA has various powers under FSMA 2000 to gather information, appoint investigators and to require the production of a report by a skilled person.

The FCA can:

  1. require firms to provide information and documents to support the FCA’s supervisory and enforcement functions (FSMA 2000, s 165 )

  2. require firms and certain other persons to provide a report (by a skilled person) to the FCA to support both its supervisory and enforcement functions (FSMA 2000, s 166 )

  3. appoint investigators in cases where