A person who makes a relevant disclosure is not liable by reason only of that disclosure in any proceedings relating to a breach of an obligation of confidence.
A relevant disclosure is a disclosure which satisfies each of the following conditions—
it is made to the Secretary of State otherwise than in compliance with a requirement under this Part;
it is of a kind that the person making the disclosure could be required to make in pursuance of this Part;
the person who makes the disclosure does so in good faith and in the reasonable belief that the disclosure is capable of assisting the Secretary of State for the purposes of the exercise of his functions under this Part;
the information disclosed is not more than is reasonably necessary for the purpose of assisting the Secretary of State for the purposes of the exercise of those functions;
the disclosure is not one falling within subsection (3) or (4).
A disclosure falls within this subsection if the disclosure is prohibited by virtue of any enactment whenever passed or made.
A disclosure falls within this subsection if—
it is made by a person carrying on the business of banking or by a lawyer, and
it involves the disclosure of information in respect of which he owes an obligation of confidence in that capacity.
In this section "enactment" has the meaning given by section 1293 of the Companies Act 2006.