Release of "Confidential Information" by the Chairman of the FCA

Roedd y cais yn llwyddiannus.

Dear Financial Conduct Authority

The FCA declined to comply with FOI Request 5107 on the basis that Section 348 of FSMA restricts the FCA from disclosing “confidential information” it has received, except in certain limited circumstances.

The letter of 18 June 2019 from the Chairman of the FCA to the Rt Hon. Nicky Morgan MP, [https://www.fca.org.uk/news/statements/l... appears to contain “confidential information” (within Section 348). Including in the section starting on page 5 headed “Please could you provide a timeline of the FCA’s supervisory contact with the Fund, or those related to its management?”.

- Please explain which of the limited circumstances of the FSMA permitted disclosure of the “confidential information” in the 18 June 2019 letter.

- Alternatively, if the FCA believes that this disclosure information was not a breach of Section 348 FSMA for some other reason, please explain why. That explanation may be useful in case of future reliance by the FCA on Section 348 in requests under the Freedom of Information Act.

Yours faithfully,

Mark Daniels

The Financial Conduct Authority

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Dear The Financial Conduct Authority,

To clarify the first item of my earlier request

- Please explain which of the limited circumstances of the FSMA permitted disclosure of the “confidential information” BY THE PUBLICATION OF the 18 June 2019 letter ON THE FCA WEBSITE.

Yours faithfully,

Mark Daniels

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

1 Atodiad

Our Ref:                 QUE0714

 

We refer to your enquiry of 28 June 2019 and your subsequent email on the
11 July 2019.

 

28 June email -

 

“The FCA declined to comply with FOI Request 5107 on the basis that
Section 348 of FSMA restricts the FCA from disclosing “confidential
information” it has received, except in certain limited  circumstances.

 

The letter of 18 June 2019 from the Chairman of the FCA to the Rt Hon.
Nicky Morgan MP,
[https://www.fca.org.uk/news/statements/l...
appears to contain “confidential information” (within Section 348). 
Including in the section starting on page 5 headed “Please could you
provide a timeline of the FCA’s supervisory contact with the Fund, or
those related to its management?”.

 

Please explain which of the limited circumstances of the FSMA permitted
disclosure of the “confidential information” in the 18 June 2019 letter. 

 

Alternatively, if the FCA believes that this disclosure information was
not a breach of Section 348 FSMA for some other reason, please explain
why.  That explanation may be useful in case of future reliance by the FCA
on Section 348 in requests under the Freedom of Information Act.”

 

11 July email –

 

“To clarify the first item of my earlier request

 

Please explain which of the limited circumstances of the FSMA permitted
disclosure of the “confidential information” BY THE PUBLICATION OF the 18
June 2019 letter ON THE FCA WEBSITE.”

 

Your enquiry has been considered, and our response is as follows:

 

“Section 348(1) provides that “confidential information” must not be
disclosed by a “primary recipient” (in this case, the FCA), without the
consent of either the person from whom the information was obtained, or,
where different, the person to whom the information relates. This means
that, where consent has been obtained from the relevant persons, it is
therefore permissible for a primary recipient to disclose confidential
information.

 

Prior to Andrew Bailey sending his letters of 18 and 21 June to the
Treasury Select Committee, the FCA engaged with Link Fund Solutions
(Link). The FCA notified Link of the Treasury Select Committee’s (TSC’s)
request for information relating to the LF Woodford Equity Income Fund and
its management of the fund, and shared with Link the proposed replies to
the TSC’s in order to obtain Link’s assent, and to ensure they did not
object to any of the details being disclosed. Link responded to the FCA’s
request on the morning of 18 June, and suggested only minor alterations to
the details to be disclosed to the TSC in Andrew Bailey’s letter. In light
of Link’s comments, Andrew Bailey sent a follow up letter to the TSC on 21
June.”

 

We trust this satisfies your enquiry.

 

Yours sincerely

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

12 Endeavour Square

E20 1JN

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)