The following Financial Services guidance note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:
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.
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:
require firms to provide information and documents to support the FCA’s supervisory and enforcement functions (FSMA 2000, s 165 )
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 )
appoint investigators in cases where
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234