Section 394: Access to FCA or PRA material., Financial Services and Markets Act 2000

If a regulator gives a person ("A") a notice to which this section applies, it must—

allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;

allow him access to any secondary material which , in the regulator's opinion, might undermine that decision.

But the regulator giving the notice does not have to allow A access to material under subsection (1) if the material is excluded material or it—

relates to a case involving a person other than A; and

was taken into account by the regulator giving the notice in A's case only for purposes of comparison with other cases.

The regulator giving the notice may refuse access A to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material—

would not be in the public interest; or

would not be fair, having regard to—

the likely significance of the material to A in relation to the matter in respect of which he has been given a notice to which this section applies; and

the potential prejudice to the commercial interests of a person other than A which would be caused by the material's disclosure.

If the regulator giving the notice does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of—

the existence of the protected item; and

the regulator's decision not to allow him access to it.

If the regulator giving the notice refuses under subsection (3) to allow A access to material, it must give him written notice of—

the refusal; and

the reasons for it.

"Secondary material" means material, other than material falling within paragraph (a) of subsection (1) which—

was considered by the regulator giving the notice in reaching the decision mentioned in that paragraph; or

was obtained by the regulator giving the notice in connection with the matter to which that notice relates but which was not considered by it in reaching that decision.

"Excluded material" means material which—

is material the disclosure of which for the purposes of or in connection with any legal proceedings is prohibited by section 56 of the Investigatory Powers Act 2016; or

is a protected item (as defined in section 413).

Section 394: Access to FCA or PRA material.

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