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Section 394(3)

FSMA 2000

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.

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