Financial Services and Markets Act 2000, section 348

Restrictions on disclosure of confidential information by FCA, PRA etc

Part XXIII Public Record, Disclosure of Information and Co-operation

(1)Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of—

(a)the person from whom the primary recipient obtained the information; and

(b)if different, the person to whom it relates.

(2) In this Part “confidential information” means information which—

(a)relates to the business or other affairs of any person;

(b)F2587was received by the primary recipient for the purposes of, or in the discharge of, any functions of the [F2586FCA, the PRAF2586] ... or the Secretary of State under any provision made by or under this Act; and

(c)is not prevented from being confidential information by subsection (4).

[F2588 (2A)Where the primary recipient is a person appointed under section 377G to act as the manager of a write-down order, subsection (2)(b) has effect as if the reference to the discharge of functions of the FCA, PRA or Secretary of State were to the functions of that person.F2588]

(3)It is immaterial for the purposes of subsection (2) whether or not the information was received—

(a)by virtue of a requirement to provide it imposed by or under this Act;

(b)for other purposes as well as purposes mentioned in that subsection.

(4)Information is not confidential information if—

(a)it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section; or

(b)it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.

(5)Each of the following is a primary recipient for the purposes of this Part—

[F2589 (a)the FCA;

(aa)the [F2590 Bank of EnglandF2590] ;F2589]

F2591 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)the Secretary of State;

[F2592 (zd)a person appointed to act as a temporary manager by the FCA or the PRA under section 71C;F2592]

(d)a person appointed [F2593to collect or update information under section [F2594 166AF2594] orF2593] to make a report under section 166;

[F2595 (da)a person appointed under section 377G to act as the manager of a write-down order;F2595]

(e)any person who is or has been employed by a person mentioned in paragraphs (a) to (c);

[F2596 (ea)a person who is or has been engaged to provide services to a person mentioned in those paragraphs;F2596]

(f)any auditor or expert instructed by a person mentioned in those paragraphs.

(6) In subsection (5)(f) “expert” includes—

(a)a competent person appointed by [F2597the FCAF2597] under section 97;

(b)a competent person appointed by the [F2598FCA, the PRAF2598] or the Secretary of State to conduct an investigation under Part XI;

F2599 (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2600 (7)Nothing in this section applies to information received by a primary recipient for the purposes of, or in the discharge of, any functions of the FCA under the Competition Act 1998 or the Enterprise Act 2002 by virtue of Part 16A of this Act.

(For provision about the disclosure of such information, see Part 9 of the Enterprise Act 2002.)F2600]

[F2601 (8)In this section references to the Bank of England include the Bank acting in its capacity as the PRA.F2601]

Read section 348 in the full Act → Definitions (5) Cases (9)

Definitions used in section 348

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 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
the PRA

“the PRA” means the Prudential Regulation Authority;

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

(3) “Manager”, in relation to a body corporate, means a person (other than an employee of the body) who is appointed by the body to manage any part of its business and includes an employee of the body corporate (other than the chief executive) who, under the immediate authority of a director or chief executive of the body corporate, exercises managerial functions or is responsible for maintaining accounts or other records of the body corporate.

Defined in s.423(3) · see it in the full Act

(1) In this Act, except in relation to a unit trust scheme or a registered friendly society, “manager” means an employee who—

(a)under the immediate authority of his employer is responsible, either alone or jointly with one or more other persons, for the conduct of his employer’s business; or

(b)under the immediate authority of his employer or of a person who is a manager by virtue of paragraph (a) exercises managerial functions or is responsible for maintaining accounts or other records of his employer.

Defined in s.423(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

Cases considering section 348 (9)

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors

[2007] EWCA Civ 197 · 9 March 2007Limits

Interprets the prohibition as attaching to confidential information obtained from a primary recipient, rather than to documents as such. Prior possession or knowledge means that the recipient has not obtained the information from the FSA. (see paras [14]-[15]; [28]-[37]; [45]-[58]) Applies the consent condition to information actually obtained directly or indirectly from the FSA. It does not bar disclosure of information independently already held. (see paras [30]; [37]) The appeal proceeded on the common ground that the disputed material was confidential information within the statutory definition. (see paras [6]; [20]) Cited only. The statutory use of received information was considered as textual context for interpreting obtaining under section 348. (see paras [26]; [28]-[30]) Cited only. Cited only. Cited only. Cited only. Cited only. Cited only.

Ancean Limited v The Financial Conduct Authority

[2025] UKUT 404 (TCC) · 5 December 2025Interprets

The provision imposes the primary restriction on disclosure of confidential information by the Authority and persons obtaining it from the Authority. The restriction operates as a statutory ringfence, subject to consent and the exceptions in section 349 and the 2001 Regulations. (see paras [93], [162], [167]-[172]) The definition of confidential information covers non-public information relating to a person’s business or affairs received by the Authority for the purposes of its statutory functions. It therefore includes non-public material supplied by an applicant in Tribunal proceedings. (see paras [92]-[93], [161]-[162]) Information ceases to be confidential information where it has been made available to the public in circumstances where disclosure is not precluded by section 348, including after appropriate public reference. (see paras [92], [162]) Sections 348–349 constitute the governing code for the Authority’s use and disclosure of confidential information received in reference proceedings. They displace any common-law implied undertaking or collateral-use rule and permit use for public functions and authorised disclosure, subject to statutory limits. (see paras [119]-[123], [155]-[181])

The Bank Of England v Treasury Solicitor

[2025] EWHC 488 (KB) · 28 February 2025Defines

The court applied the statutory confidentiality regime to information received by the Bank of England in exercising its banking functions. (see paras [19]-[20]; [28]-[29]) The court held that disclosure required the consent of both the person from whom the information was obtained and, if different, the person to whom it related. Neither had consented. (see paras [19]; [30]-[31]) The requested documents satisfied the autonomous definition of confidential information because they concerned the affairs of persons and were received for the Bank of England’s statutory functions. (see paras [19]; [29]) The court confirmed that the Bank of England is a primary recipient for the statutory confidentiality regime. (see paras [20]; [28])

What each judgment says about section 348 is in the case-law panel in the full Act.

Explanatory note

618.Subsections (2), (3) and (4) define what is, and what is not, to be regarded as confidential information.  Subsection (1) makes clear that this information is not to be disclosed by a “primary recipient”, or a person who has received the information from a primary recipient, without the consent of the person from whom it was obtained and, if different, the person to whom it relates.  Subsection (5) lists primary recipients.

All the explanatory notes for the Act

Amendments and notes

53 notes from legislation.gov.uk

Amendments

  1. F2585Words in s. 348 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F2587Words in s. 348(2)(b) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  3. F2586Words in s. 348(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  4. F2588S. 348(2A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 9(2)
  5. F2589S. 348(5)(a)(aa) substituted for s. 348(5)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  6. F2590Words in s. 348(5)(aa) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 45(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)
  7. F2591S. 348(5)(b) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  8. F2592S. 348(5)(zd) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 34
  9. F2593Words in s. 348(5)(d) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(e), Sch. 2 para. 26
  10. F2594Word in s. 348(5)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  11. F2595S. 348(5)(da) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 9(3)
  12. F2596S. 348(5)(ea) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(3)(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  13. F2597Words in s. 348(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  14. F2598Words in s. 348(6)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  15. F2599S. 348(6)(c) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 18(4)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  16. F2600S. 348(7) inserted (1.11.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 8 para. 5; S.I. 2014/2458, art. 2(b)(bb)(ii)
  17. F2601S. 348(8) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 45(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)

Modifications

  1. C1104S. 348 extended (1.12.2001) by S.I. 2001/3648, arts. 1, 3(2), 4, 5(2), 7(2)
  2. C1105S. 348 applied (20.4.2003) by The Insurers (Reorganisation and Winding Up) Regulations 2003 (S.I. 2003/1102), regs. 16(2), 50(3) (with reg. 3)
  3. C1106S. 348 modified (20.4.2003) by The Insurers (Reorganisation and Winding Up) Regulations 2003 (S.I. 2003/1102), reg. 50(4) (with reg. 3)
  4. C1107S. 348 applied (18.2.2004) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 16(2)(3) (with reg. 3)
  5. C1108S. 348 applied (with modifications) (18.2.2004) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 50(3)-(6) (with reg. 3)
  6. C1109S. 348 applied (with modifications) (5.5.2004) by The Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045), regs. 18, 38
  7. C1110S. 348 excluded (20.5.2006) by The Takeovers Directive (Interim Implementation) Regulations 2006 (S.I. 2006/1183), reg. 18(1)
  8. C1111S. 348 applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 43
  9. C1112S. 348 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(a), 95, Sch. 5 para. 5 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(e) (with Sch. 2 para. 156))
  10. C1113S. 348 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 4
  11. C1114S. 348 applied (with modifications) (9.2.2011 for certain purposes and 30.4.2011 otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xiv)(b), 62, Sch. 3 para. 6 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(f))
  12. C1115S. 348 applied (with modifications) (15.1.2013) by The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I. 2012/3122), reg. 1, Sch. para. 4 (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(6)(i)(m))
  13. C1116S. 348 applied (with modifications) (E.W.) (9.7.2013) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013 (S.I. 2013/1635), regs. 1, 11(1)
  14. C1117S. 348 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 12
  15. C1118S. 348 applied (with modifications) by 2009 c. 1, s. 89L (as inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 103) (as amended (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 25; and as amended (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 55 (with Sch. 3); S.I. 2017/43, reg. 2(g))
  16. C1119S. 348 applied (with modifications) by S.I. 2004/1045, reg. 18(5) (as inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(5)(c))
  17. C1120S. 348 applied (with modifications) by S.I. 2004/1045, reg. 38(8) (as added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(5)(c))
  18. C1121S. 348 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), 18(3) (with Pt. 4)
  19. C1122Ss. 348, 349 applied (with modifications) (1.1.2016) by The Small and Medium Sized Business (Credit Information) Regulations 2015 (S.I. 2015/1945), regs. 1(2), 25(1)
  20. C1123Ss. 348, 349 applied (with modifications) (1.1.2016) by The Small and Medium Sized Business (Finance Platforms) Regulations 2015 (S.I. 2015/1946), regs. 1(2), 22(1)
  21. C1124S. 348 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 3
  22. C1125S. 348 applied (with modifications) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 20 (with reg. 7)
  23. C1126S. 348 applied (with modifications) (3.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(a)(b), 35
  24. C1127S. 348 applied (with modifications) (13.10.2017) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(3)(c), Sch. 6 para. 8 (with reg. 3)
  25. C1128Ss. 348, 349 applied (with modifications) (1.1.2018) by The Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I. 2017/1127), reg. 1, Sch. 1 para. 4
  26. C1129S. 348 applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 21
  27. C1130Ss. 348-350 applied (14.11.2018) by The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184), regs. 1(3), 22
  28. C1131S. 348 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 5 (with Sch. 1 paras. 13, 14)
  29. C1132Ss. 348-350 applied (12.3.2019) by The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541), regs. 1(3), 5
  30. C1133S. 348 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 24
  31. C1134Ss. 348-350 applied (with modifications) (30.9.2020) by The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1055), regs. 1(2), 6(1)-(3)
  32. C1135S. 348 applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(6)(a)
  33. C1136S. 348 applied (with modifications) (31.12.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 149; S.I. 2023/1382, reg. 8(b)
  34. C1137S. 348 applied (with modifications) (5.4.2024) by The Data Reporting Services Regulations 2024 (S.I. 2024/107), regs. 1(2), 21; S.I. 2023/1382, reg. 4(c)
  35. C1138Ss. 348-350 applied (with modifications) (28.11.2025) by The Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (S.I. 2025/1147), regs. 1(2), 6
  36. C1139S. 348(1) restricted (20.4.2003) by The Insurers (Reorganisation and Winding Up) Regulations 2003 (S.I. 2003/1102), regs. 16(3), 50(5) (with reg. 3)