Financial Services and Markets Act 2000, section 165

Regulators power to require information : authorised persons etc

Part XI Information Gathering and Investigations

(1)[F1236 Either regulatorF1236] may, by notice in writing given to an authorised person, require him—

(a)to provide specified information or information of a specified description; or

(b)to produce specified documents or documents of a specified description.

(2)The information or documents must be provided or produced—

(a)before the end of such reasonable period as may be specified; and

(b)at such place as may be specified.

(3)An officer who has written authorisation from the [F1237regulatorF1237] to do so may require an authorised person without delay—

(a)to provide the officer with specified information or information of a specified description; or

(b)to produce to him specified documents or documents of a specified description.

(4)This section applies only to

[F1238 (a)F1238] information and documents reasonably required in connection with the exercise by [F1239either regulatorF1239] of functions conferred on it by or under this Act [F1240, and

(b)in relation to the exercise by the PRA of the powers conferred by subsections (1) and (3), information and documents reasonably required by the Bank of England in connection with the exercise by the Bank of its functions in pursuance of its financial stability objective.F1240]

(5)[F1241 The regulator in questionF1241] may require any information provided under this section to be provided in such form as it may reasonably require.

(6)[F1242 The regulator in questionF1242] may require—

(a)any information provided, whether in a document or otherwise, to be verified in such manner, or

(b)any document produced to be authenticated in such manner,

as it may reasonably require.

(7)The powers conferred by subsections (1) and (3) may also be [F1243exercised—

(a)by either regulator, to impose requirements on a person who is connected with an authorised person;

[F1244 (aa)by the FCA, to impose requirements on a person who is or has been subject to a relevant Part 5A requirement;F1244]

(b)by the FCA, to impose requirements on an operator, trustee or depositary of a scheme recognised under section F1245... [F1246 271A orF1246] 272 who is not an authorised person;

(c)by the FCA, to impose requirements on a recognised investment exchange;

(d)by the FCA, to impose requirements on a person who is connected with a recognised investment exchange.F1243]

[F1247 (da)by the FCA, to impose requirements on a person who provides, or has provided, a service to an FCA investment firm or to a relevant parent undertaking of such a firm;F1247]

[F1248 (e)by either regulator, to impose requirements on a person who provides any service to an insurance undertaking [F1249 or reinsurance undertakingF1249] .F1248]

[F1250 (7A)For the purposes of the exercise by virtue of subsection (7)(aa) of the powers conferred by subsections (1) and (3) in relation to a person who is not an authorised person, the reference in subsection (4)(a) to functions conferred by or under this Act is to be read as referring only to functions so conferred which relate to the carrying on of a designated activity.F1250]

(8) “Authorised person” includes a person who was at any time an authorised person but who has ceased to be an authorised person.

F1251 (8A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) “Officer” means an officer of [F1252 the regulator exercising the power F1252] and includes a member of [F1253 that regulator's F1253] staff or an agent of [F1254 that regulator F1254] .

(10) “Specified” means—

(a)in subsections (1) and (2), specified in the notice; and

(b)in subsection (3), specified in the authorisation.

(11) For the purposes of this section, a person is connected with [F1255 another person F1255] (“A”) if he is or has at any relevant time been—

(a)a member of A’s group;

(b)a controller of A;

(c)F1256any other member of a partnership of which A is a member; ...

(d)in relation to A, a person mentioned in Part I of Schedule 15 [F1257(reading references in that Part to the authorised person as references to A)F1257][F1258 ; or

(e)involved in the administration of any trust arrangement relating to a funeral plan contract entered into or carried out by A.F1258]

[F1259 (12)In subsection (7)(b), the reference to a scheme that is recognised includes a scheme a part of which is recognised.F1259]

[F1260 (13) In this section, “funeral plan contract” has the same meaning as in article 59(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 . F1260]

Read section 165 in the full Act → Definitions (18) Cases (8)

Definitions used in section 165

regulator

“regulator” has the meaning given in section 3A(2);

Defined in s.417(1) · see it in the full Act
authorised person

“authorised person” has the meaning given in section 31(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act
Specified

(5) “Specified” means specified in an order made by the Treasury.

Defined in s.22(5) · see it in the full Act
documents

“documents” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form , or in a form from which it can readily be produced in visible and legible form ;

Defined in s.417(1) · see it in the full Act
functions

(4) Neither section 2AB(3)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZB para.31(4) · see it in the full Act

(2A) The functions referred to in sub-paragraph (1)(a) include functions of the FCA under the Competition Act 1998 or the Enterprise Act 2002 as a result of Part 16A of this Act ; but this sub-paragraph is not to be regarded as limiting the effect of the definition of “functions” in paragraph 1.

Defined in Sch.1ZA para.23(2A) · see it in the full Act

(4) Neither section 1A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZA para.23(4) · see it in the full Act
the PRA

“the PRA” means the Prudential Regulation Authority;

Defined in s.417(1) · see it in the full Act
Bank of England

“Bank of England” is to be read in accordance with section 2A(4) to (6);

Defined in s.417(1) · see it in the full Act
Financial Stability Objective

“Financial Stability Objective” means the objective set out in section 2A of the Bank of England Act 1998 ;

Defined in s.417(1) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act
relevant Part 5A requirement

“relevant Part 5A requirement” is to be read in accordance with section 71T(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “relevant Part 5A requirement” means, in relation to a provision of this Act listed in the first column of the Table in Part 2 of Schedule 6C, a requirement that—

(a)is imposed by virtue of any of the designated activity regulations specified in the corresponding entry in the second column, and

(b)is of any of the descriptions specified in the corresponding entry in the third column.

Defined in s.71T(2) · see it in the full Act
recognised investment exchange

“recognised CSD”, “recognised clearing house” and “recognised investment exchange” have the meaning given in section 285;

Defined in s.417(1) · see it in the full Act

(a) “recognised investment exchange” means an investment exchange in relation to which a recognition order is in force;

Defined in s.285(1) · see it in the full Act
FCA investment firm

“FCA investment firm” has the meaning given in section 143A;

Defined in s.177A · see it in the full Act
relevant parent undertaking

“relevant parent undertaking”, in relation to an FCA investment firm, means an authorised parent undertaking or a non-authorised parent undertaking (as defined in section 143B).

Defined in s.177A · see it in the full Act
insurance undertaking

“insurance undertaking” means—

(a)

an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal, or

(b)

the association of underwriters known as Lloyd’s;

Defined in s.417(1) · see it in the full Act
reinsurance undertaking

“reinsurance undertaking” means—

(a)

an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance that are limited to reinsurance contracts as principal, or

(b)

the association of underwriters known as Lloyd’s;

Defined in s.417(1) · see it in the full Act
designated activity

“designated activity” has the meaning given in section 71K;

Defined in s.417(1) · see it in the full Act
group

(1) In this Act “group”, in relation to a person (“A”), means A and any person who is—

(a)a parent undertaking of A;

(b)a subsidiary undertaking of A;

(c)a subsidiary undertaking of a parent undertaking of A;

(d)a parent undertaking of a subsidiary undertaking of A;

(e)an undertaking in which A or an undertaking mentioned in paragraph (a), (b), (c) or (d) has a participating interest;

(f)if A or an undertaking mentioned in paragraph (a) or (d) is a building society, an associated undertaking of the society; or

(g)if A or an undertaking mentioned in paragraph (a) or (d) is an incorporated friendly society, a body corporate of which the society has joint control (within the meaning of section 13(9)(c) or (cc) of the Friendly Societies Act 1992).

Defined in s.421(1) · see it in the full Act
partnership

“partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom;

Defined in s.417(1) · see it in the full Act

Cases considering section 165 (8)

R (on the application of Coke-Wallis) v Institute of Chartered Accountants in England and Wales

[2011] UKSC 1 · 19 January 2011

The provision was among those relied on unsuccessfully to show that the Jersey offence corresponded to an indictable offence in England and Wales. That failure formed the basis of the first tribunal's final merits dismissal (see paras [37]-[41]).

Financial Services Authority (FSA) & Ors v Amro International SA & Ors

[2010] EWCA Civ 123 · 24 February 2010Limits

The court confirmed that section 165 was unavailable against an unauthorised accountant, so the FSA had to appoint investigators under section 169(1)(b) to obtain the requested documents. (see paras [27]-[30])

F, R v

[2009] EWCA Crim 1639 · 29 July 2009

The court confirmed that the Financial Services Authority’s powers to require and gather information were not confined to the person under investigation. Its treatment of Mr Fury therefore did not make the respondent’s prosecution abusive (see para [62]).

What each judgment says about section 165 is in the case-law panel in the full Act.

Explanatory note

315.This section gives the Authority a general power to require information or documents which may reasonably be required in connection with the discharge of its functions under the Act.  The information or documents may be required from any person, including a legal person, who is any of the following:

  • an authorised person;

  • a formerly authorised person;

  • a person connected with an authorised person, as defined in subsection (11);

  • an operator, trustee or depository of an open-ended investment company;

  • a recognised investment exchange;

  • a recognised clearing house.

316.Either the Authority can write to the person asking for the production of the information or documents within a reasonable timescale, or it can send an officer to whom it has given written authorisation.  The person is required to provide the information or documents without delay, and he may also be required to take any reasonable steps the Authority may specify to verify the information provided.

All the explanatory notes for the Act

Amendments and notes

56 notes from legislation.gov.uk

Amendments

  1. F1234Word in s. 165 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(9) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F1235S. 165: words in heading inserted (8.6.2010) by Financial Services Act (c. 28), ss. 24(1), 26(2)(d)(e), {Sch. 2 para. 15}
  3. F1236Words in s. 165(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  4. F1237Word in s. 165(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  5. F1238S. 165(4)(a): words in s. 165(4) renumbered as s. 165(4)(a) (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 36(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)
  6. F1239Words in s. 165(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  7. F1240S. 165(4)(b) and word inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 36(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)
  8. F1241Words in s. 165(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  9. F1242Words in s. 165(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  10. F1243Words in s. 165(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  11. F1244S. 165(7)(aa) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 5(2)
  12. F1245Words in s. 165(7)(b) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 9
  13. F1246Words in s. 165(7)(b) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 4(2); S.I. 2022/163, reg. 2(a)
  14. F1247S. 165(7)(da) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 5 (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  15. F1248S. 165(7)(e) inserted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 7
  16. F1249Words in s. 165(7)(e) substituted (31.12.2024) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 5
  17. F1250S. 165(7A) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 5(3)
  18. F1251S. 165(8A) omitted (1.1.2024 at 1.00 a.m.) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 9(3), 86(3); S.I. 2023/1382, reg. 10(a)
  19. F1252Words in s. 165(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(7)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  20. F1253Words in s. 165(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(7)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  21. F1254Words in s. 165(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(7)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  22. F1255Words in s. 165(11) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(8)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  23. F1256Word in s. 165(11)(c) omitted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 6(2)(a)
  24. F1257Words in s. 165(11)(d) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 1(8)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  25. F1258S. 165(11)(e) and word inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 6(2)(b)
  26. F1259S. 165(12) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 4(3); S.I. 2022/163, reg. 2(a)
  27. F1260S. 165(13) inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 6(2)(c)

Modifications

  1. C654S. 165 amended (1.12.2001) by S.I. 2001/2657, arts. 1(1), 15(1) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)
  2. C655S. 165 modified (temp.) (8.4.2002) by The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (S.I. 2002/704), art. 8(1)(3)
  3. C656S. 165 amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(3)
  4. C657S. 165 applied (with modifications) (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 46, Sch. para. 3
  5. C658S. 165 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 9
  6. C659S. 165 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 71(1)(a)
  7. C660S. 165 modified in part (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 50(1)
  8. C661S. 165 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 12(9)
  9. C662S. 165 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(2)(a) (with Pt. 4)
  10. C663S. 165 modified (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 55(4)
  11. C664S. 165 modified (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 50(3)
  12. C665S. 165 applied by S.I. 2018/1149, reg. 60 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3)
  13. C666S. 165 applied (with modifications) by S.I. 2018/1201, Sch. 3 para. 32A(2) (as substituted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(15))
  14. C667S. 165 applied (with modifications) by S.I. 2018/1201, Sch. 3 para. 12H(2) (as substituted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(8))
  15. C668S. 165 applied (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 20 (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
  16. C669S. 165 applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(4)(a)
  17. C670S. 165 applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 14 (with art. 11)
  18. C671S. 165 applied (temp.) (16.12.2025 for specified purposes and 29.6.2028 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 17 (with art. 20)
  19. C672S. 165 applied (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 35
  20. C673S. 165 applied (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 61(a) (with regs. 53-56)
  21. C674S. 165 applied (with modifications) (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, Sch. 1 Pt. 1; S.I. 2026/587, reg. 2(b)
  22. C675S. 165(1)(2) extended (1.12.2001) by S.I. 2001/3646, arts. 1(1), 2(1)(3)(a)
  23. C676S. 165(1)-(6) applied (with modifications) (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 14
  24. C677S. 165(1)(3) modified (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 25(1); S.I. 2026/587, reg. 2(b)
  25. C678S. 165(2) applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G(6) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
  26. C679S. 165(5)(6) extended (1.12.2001) by S.I. 2001/3646, arts. 1(1), 2(3)(b)(c)
  27. C680S. 165(5) applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G(6) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
  28. C681S. 165(6) applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G(6) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
  29. C682S. 165(9)(10) applied (with modifications) (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 14