Section 353A

The FCA must not disclose to any person specially protected information. “Specially protected information” is information in relation to which the first and second conditions are met. The first condition is that the FCA received the information from the Bank of England. The second condition is that the Bank notified the FCA that the Bank held the information for the purpose of its functions with respect to any of the following— monetary policy; financial operations intended to support financial institutions for the purposes of maintaining stability; the provision of private banking services and related services. The notification referred to in subsection (4) must be— in writing, and given before, or at the same time as, the Bank discloses the information. The prohibition in subsection (1) does not apply— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . where the Bank has consented to disclosure of the information; to information which 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; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In this section references to disclosure by or to the FCA or by the Bank include references to disclosure by or to— persons who are, or are acting as,— officers of, or members of the staff of, the FCA, or officers, employees or agents of the Bank, or auditors, experts, contractors or investigators appointed by the FCA or the Bank under powers conferred by this Act or otherwise. References to disclosure by the FCA do not include references to disclosure between persons who fall within any paragraph of subsection (7)(a) or (b) in relation to the FCA. The FCA must take such steps as are reasonable in the circumstances to prevent the disclosure of specially protected information, in cases not excluded by subsection (6), by those who are or have been— its officers or members of staff (including persons acting as its officers or members of staff); auditors, experts, contractors or investigators appointed by the FCA under powers conferred by this Act or otherwise; persons to whom the FCA has delegated any of its functions. In this section references to the Bank of England include the Bank acting in its capacity as the PRA.

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Source: legislation.gov.uk · retrieved 2026-09-04