There has been published on the legislation.gov.uk website The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017 (the Regulations).
The Regulations amend the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (the 2001 Regulations) and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014 (the 2014 Regulations).
The 2001 Regulations and the 2014 Regulations specify the circumstances in which confidential information, as defined respectively in section 348(2) of the Financial Services and Markets Act 2000 and in section 91(2) of the Financial Services (Banking Reform) Act 2013, may be disclosed, including persons to whom and by whom, and purposes for which, confidential information may be disclosed.
The amendments to the 2001 Regulations and the 2014 Regulations add the Comptroller and Auditor General (C&AG) and the National Audit Office to the list of persons to whom and by whom confidential information may be disclosed, subject to any restrictions on disclosure provided for in EU law. Disclosure is permitted for the purpose of enabling or assisting the C&AG in the discharge of the C&AG’s functions of carrying out examinations into the economy, efficiency and effectiveness with which the FCA, the Payment Systems Regulator and the Bank of England (including when acting in its capacity as the PRA) have used their resources in discharging their functions. Disclosure is also permitted for the purpose of enabling or assisting the National Audit Office in the discharge of its functions in relation to such examinations.
View The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017, 22 March 2017
