IDG51510 - Information disclosure gateways with other government departments: Financial Conduct Authority and the Prudential Regulation Authority: general
Why share information with the FCA or the PRA?
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) replaced the Financial Services Authority (FSA) on 1 April 2013.
The PRA is responsible for the regulation of all deposit-taking institutions, insurers and investment banks.
The FCA is responsible for regulating conduct in retail, as well as wholesale, financial markets. The FCA has a statutory basis to regulate the financial services industry in the UK. Its aim is to protect consumers, ensure the financial service industry remains stable and to promote healthy competition between financial services providers. The FCA has rule-making, investigative and enforcement powers that it uses to protect and regulate the financial services industry. To assist the FCA in carrying out its independent regulation of the financial services industry in the UK we may under certain conditions provide information about companies and sectors.
Ensuring information is shared lawfully
All disclosures of HMRC information must be lawful. See IDG40300 for more information on lawful disclosure as provided by the CRCA.
To be lawful, HMRC may only share information with the FCA through a legal gateway. When passing information to the FCA you must ensure that consideration is given to the reason for the request and the type of information that is being requested.
The appropriate legal gateway to use is listed under each type of disclosure to the PRA at IDG51520, IDG51530, IDG51540.
The appropriate legal gateway to use is listed under each type of disclosure to the FCA at IDG51520, IDG51530, IDG51540 and IDG51550.
For further guidance and assistance please contact your Security & Information Business Partner (SIBP).