Financial services and Freedom of Information Act requests
Financial services and Freedom of Information Act requests

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Financial services and Freedom of Information Act requests
  • The regulators and FIA 2000
  • When are the regulators permitted to refuse disclosure of information following a FIA request?
  • When can the regulators disclosure information following a FIA request?
  • Can firms work with the regulators before disclosure?
  • Oversight by the ICO

This Practice Note considers the implications of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) being within the remit of the Freedom of Information Act 2000 (FIA 2000). It supplements general notes on freedom of information and does not contain detailed information on FIA 2000 requests or responses. Specifically, this Practice Note considers issues for firms where the regulators could disclose information which a firm considers to be commercially sensitive or confidential. For further information, see Lexis®PSL IP and IT Practice Notes: Compliance with a freedom of information request, Absolute exemptions to a freedom of information request and Freedom of information request—flowchart.

The regulators and FIA 2000

For the purposes of FIA 2000, the PRA and the FCA are designated as a public authority, which means the public can make requests to the either or both regulators for disclosure of the recorded information it keeps.

Information on the FCA's policies and procedures on FIA requests can be found on the FCA's website and includes:

  1. the FCA's publication scheme guide to information, explaining the publication scheme that the FCA is required to publish and maintain under FIA 2000

  2. the FCA's webpage FCA and the Freedom of Information Act

  3. the FCA's Freedom of Information Act Fees Statement which includes information on how to make a freedom of information request, and