The following Financial Services guidance note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:
Financial regulators (the regulators) (ie the Financial Conduct Authority (FCA) (previously the Financial Services Authority (FSA)) and the Prudential Regulation Authority (PRA) seek information and documents from those who they regulate (firms/approved persons) as part of the ongoing regulatory relationship. The regulators use the information to monitor the business of firms on an ongoing basis. This information is usually provided on a voluntary basis without the exercise of formal powers by the regulator.
The regulators can exercise a number of statutory powers against firms and individuals to require the production of documents and the provision of information without launching an investigation. Regulators can appoint investigators in certain specified circumstances. Investigators can exercise a number of more intrusive statutory powers to require certain people (both regulated and non-regulated) to attend to answer questions and to produce information and documents. The regulators and investigators exercise their statutory powers by issuing statutory requirements which compel the subject to comply under the force of law (a statutory requirement). Failure to comply with a statutory requirement may be treated as contempt of court. Destruction or falsification of documents, or the provision of false or misleading information in response to a statutory requirement is a criminal offence punishable by fine or imprisonment or both.
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