FCA and PRA disclosure issues—essentials
Produced in partnership with Brown Rudnick LLP
FCA and PRA disclosure issues—essentials

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

  • FCA and PRA disclosure issues—essentials
  • Introduction
  • Confidentiality
  • Confidential information
  • Who does the restriction apply to?
  • Information known to the provider
  • Exceptions to the restriction in FSMA 2000, s 348
  • Disclosure to overseas regulators
  • What information does the restriction not apply to?
  • Publication of regulatory notices
  • More...

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

There are a number of disclosure issues that can arise when dealing with the financial services regulators. The points set out below apply equally to dealings with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) given that the same statutory provisions apply to each. However, most issues are likely to arise with the FCA given that it is the more active enforcement agency.

See also Practice Note: FCA disclosure of information issues—one minute guide.

Introduction

Financial regulators seek information and documents from those who they regulate 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 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

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