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...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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

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