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

The following Financial Services practice note produced in partnership with Brown Rudnick 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
  • Regulation 3—disclosure by and to the regulators
  • Regulation 4—disclosure for the purpose of criminal investigations or proceedings
  • Regulation 5—disclosure for the purposes of certain other proceedings
  • Regulation 12—disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority
  • Overseas regulators
  • Protected information

FCA and PRA disclosure issues—one minute guide

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.

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.


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