Financial Services and Markets Act 2000, section 171

Powers of persons appointed under section 167

Part XI Information Gathering and Investigations

(1)[F1352 An investigator may require a person to whom subsection (1A) applies—F1352]

(a)to attend before the investigator at a specified time and place and answer questions; or

(b)otherwise to provide such information as the investigator may require.

[F1353 (1A)This subsection applies to the following persons—

(a) the person who is the subject of the investigation (“the person under investigation”);

(b)any person connected with the person under investigation;

(c)where the person under investigation is an FCA investment firm, a person who provides, or has provided, a service to the firm or to a relevant parent undertaking of the firm;

(d)where the person under investigation is a relevant parent undertaking of an FCA investment firm, a person who provides, or has provided, a service to the parent undertaking or to the firm.F1353]

(2)An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.

(3)A requirement under subsection (1) or (2) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.

[F1354 (3A)Where the investigation relates to a recognised investment exchange, an investigator has the additional powers conferred by sections 172 and 173 (and for this purpose references in those sections to an investigator are to be read accordingly).F1354]

(4) For the purposes of this section and section 172, a person is connected with the person under investigation (“A”) if he is or has at any relevant time been—

(a)a member of A’s group;

(b)a controller of A;

(c)a partnership of which A is a member; or

(d)in relation to A, a person mentioned in Part I or II of Schedule 15.

(5) “Investigator” means a person conducting an investigation under section 167.

(6) “Specified” means specified in a notice in writing.

[F1355 (7)The reference in subsection (3A) to a recognised investment exchange does not include a reference to an overseas investment exchange (as defined by section 313(1)).F1355]

Definitions used in section 171

Specified

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

Defined in s.22(5) · 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
parent undertaking

(3) In this Act “subsidiary undertaking”, in relation to an incorporated friendly society, means a body corporate of which the society has control within the meaning of section 13(9)(a) or (aa) of the Friendly Societies Act 1992 (and “parent undertaking” is to be read accordingly).

Defined in s.420(3) · see it in the full Act

(a) “parent undertaking” also includes an individual who would be a parent undertaking for the purposes of those provisions if he were taken to be an undertaking (and “subsidiary undertaking” is to be read accordingly);

Defined in s.420(2) · see it in the full Act

(b) “subsidiary undertaking” also includes, in relation to a body incorporated in or formed under the law of an EEA State ..., an undertaking which is a subsidiary undertaking within the meaning of any rule of law in force in that State for purposes connected with implementation of the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/ EEC and 83/349/ EEC (and “parent undertaking” is to be read accordingly).

Defined in s.420(2) · see it in the full Act

(1) In this Act, except in relation to an incorporated friendly society, “parent undertaking” and “subsidiary undertaking” have the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006 ) .

Defined in s.420(1) · 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
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
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
Investment

(4) “Investment” includes any asset, right or interest (including where an asset, right or interest is, or comprises or represents, a cryptoasset) .

Defined in s.22(4) · see it in the full Act

Cases considering section 171 (6)

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

[2010] EWCA Civ 123 · 24 February 2010Interprets

The court treated section 171 as conferring the relevant document-production and information powers on investigators through section 172(1), subject to the statutory relevance requirement. (see paras [29]-[30], [50]-[53]) The court treated section 171(1) as subject to the relevance threshold incorporated through section 172(1), while distinguishing it from the necessity-or-expediency test in section 172(3). (see paras [29]-[30], [50]-[53]) The court held that section 171(2) permits a requirement to produce specified classes of documents, not only individually identified documents. The recipient must be able to identify what must be produced. (see paras [29]-[30], [55]-[59]) The court applied section 171(3) by asking whether the investigators reasonably considered production of the documents relevant to the investigation. That condition was satisfied, so the production requirement was lawful. (see paras [50]-[54]) Cited only.

Amro International SA & Anor, R (on the application of) v The Financial Services Authority & Ors

[2009] EWHC 2242 (Admin) · 25 August 2009Interprets

Section 171(1) permits an investigator to require a person to attend or provide information. The court distinguished this information power from the specific document-production power in section 171(2) (see paras [12]-[15]). Section 171(2) permits an investigator to require any person, including an accountant or bank, to produce specified documents or documents of a specified description. The request must be sufficiently identified and connected with the purposes of the investigation (see paras [12]-[15]; [42]-[47]). Section 171(3) requires the investigator reasonably to consider the requested information or documents relevant to the purposes of the investigation. The court held that ultimate irrelevance does not invalidate a requirement if the investigator’s view was reasonable when the requirement was imposed (see paras [13]; [42]-[47]).

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 171 is in the case-law panel in the full Act.

Explanatory note

334.This section establishes the powers of investigators appointed under the general investigations power to require people to attend before them and answer questions, and to provide information or documents.  The investigators may only impose these requirements where they reasonably consider that the questions, information or documents in question are relevant to the investigation.  And they may only impose them on the person under investigation, or any other “connected person” as defined in subsection (4).  These limitations reflect the broad grounds on which the general investigatory power is exercisable.

All the explanatory notes for the Act

Amendments and notes

11 notes from legislation.gov.uk

Amendments

  1. F1352Words in s. 171(1) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 8(3) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  2. F1353S. 171(1A) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 8(4) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  3. F1354S. 171(3A) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 9(a)
  4. F1355S. 171(7) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 9(b)

Modifications

  1. C733Ss. 170-175 applied (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. 1(j) (with art. 11)
  2. C738S. 171 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 71(2)(c)
  3. C739S. 171 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)(g) (with Pt. 4)
  4. C740S. 171 applied (31.5.2021 for specified purposes) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(4)(e)
  5. C741S. 171 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, 25, Sch. 1 Pts. 1, 2; S.I. 2026/587, reg. 2(b)
  6. C742S. 171(1)-(3) applied (with modifications) (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 14
  7. C743S. 171(5)(6) applied (with modifications) (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 14