IDG51530 - Information disclosure gateways with other government departments: Financial Conduct Authority and the Prudential Regulation Authority: information held by HMRC in connection with the exercise of former Inland Revenue functions

Information held by HMRC in order to exercise former Inland Revenue functions (as set out at Schedule 1 of the Commissioners for Revenue and Customs Act 2005 (CRCA)) may be disclosed to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to assist it with any of its functions that is outlined in statute. You must conduct due dilligence to ensure the function the FCA are requesting the information for is clear and that it has a statutory footing in legislation, this means you must ask for the following;

• clear reasons behind of the purpose of the disclosure request
• what functions the request is for the purpose of and what legislation this function is underpinned by.

The relevant legislative gateway is Section 350 Financial Services and Markets Act 2000.