Section 348: Restrictions on disclosure of confidential information by FCA, PRA etc., Financial Services and Markets Act 2000

Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of—

the person from whom the primary recipient obtained the information; and

if different, the person to whom it relates.

In this Part "confidential information" means information which—

relates to the business or other affairs of any person;

was received by the primary recipient for the purposes of, or in the discharge of, any functions of the FCA, the PRA ... or the Secretary of State under any provision made by or under this Act; and

is not prevented from being confidential information by subsection (4).

Where the primary recipient is a person appointed under section 377G to act as the manager of a write-down order, subsection (2)(b) has effect as if the reference to the discharge of functions of the FCA, PRA or Secretary of State were to the functions of that person.

It is immaterial for the purposes of subsection (2) whether or not the information was received—

by virtue of a requirement to provide it imposed by or under this Act;

for other purposes as well as purposes mentioned in that subsection.

Information is not confidential information if—

it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section; or

it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.

Each of the following is a primary recipient for the purposes of this Part—

the FCA;

the Bank of England;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the Secretary of State;

a person appointed to act as a temporary manager by the FCA or the PRA under section 71C;

a person appointed to collect or update information under section 166A or to make a report under section 166;

a person appointed under section 377G to act as the manager of a write-down order;

any person who is or has been employed by a person mentioned in paragraphs (a) to (c);

a person who is or has been engaged to provide services to a person mentioned in those paragraphs;

any auditor or expert instructed by a person mentioned in those paragraphs.

In subsection (5)(f) "expert" includes—

a competent person appointed by the FCA under section 97;

a competent person appointed by the FCA, the PRA or the Secretary of State to conduct an investigation under Part XI;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In this section references to the Bank of England include the Bank acting in its capacity as the PRA.

Section 348: Restrictions on disclosure of confidential information by FCA, PRA etc.

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