Financial Services and Markets Act 2000, section 349

Exceptions from section 348

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

(1)Section 348 does not prevent a disclosure of confidential information which is—

(a)made for the purpose of facilitating the carrying out of a public function; and

(b)permitted by regulations made by the Treasury under this section.

(2)The regulations may, in particular, make provision permitting the disclosure of confidential information or of confidential information of a prescribed kind—

(a)by prescribed recipients, or recipients of a prescribed description, to any person for the purpose of enabling or assisting the recipient to discharge prescribed public functions;

(b)by prescribed recipients, or recipients of a prescribed description, to prescribed persons, or persons of prescribed descriptions, for the purpose of enabling or assisting those persons to discharge prescribed public functions;

(c)by the [F2602FCA or the PRAF2602] to the Treasury or the Secretary of State for any purpose;

(d)by any recipient if the disclosure is with a view to or in connection with prescribed proceedings.

(3)The regulations may also include provision—

(a)making any permission to disclose confidential information subject to conditions (which may relate to the obtaining of consents or any other matter);

(b)restricting the uses to which confidential information disclosed under the regulations may be put.

[F2603 (3A)Section 348 does not apply to—

(a)the disclosure by [F2604 the Panel on Takeovers and MergersF2604] of confidential information disclosed to it by the [F2605 FCA or the PRAF2605] in reliance on subsection (1);

(b)the disclosure of such information by a person obtaining it directly or indirectly from [F2606 the Panel on Takeovers and MergersF2606] .

F2607 (3B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F2603]

(4) In relation to confidential information, each of the following is a “recipient”—

(a)a primary recipient;

(b)a person obtaining the information directly or indirectly from a primary recipient.

(5) “Public functions” includes—

(a)functions conferred by or in accordance with any provision contained in any enactment or subordinate legislation;

F2608 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)similar functions[F2609 to those referred to in paragraph (a)F2609] conferred on persons by or under provisions having effect as part of the law of a country or territory outside the United Kingdom;

(d)functions exercisable in relation to prescribed disciplinary proceedings.

(6) “Enactment” includes—

(a)an Act of the Scottish Parliament;

(b)Northern Ireland legislation.

(7) M31 “Subordinate legislation” has the meaning given in the Interpretation Act 1978 and also includes an instrument made under an Act of the Scottish Parliament or under Northern Ireland legislation.

(8)F2610. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Read section 349 in the full Act → Definitions (5) Cases (7)

Definitions used in section 349

confidential information

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

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

(b)was received by the primary recipient for the purposes of, or in the discharge of, any functions of the FCA, the PRA ... 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).

Defined in s.348(2) · see it in the full Act
prescribed

“prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury;

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
the PRA

“the PRA” means the Prudential Regulation Authority;

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

Cases considering section 349 (7)

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

[2007] EWCA Civ 197 · 9 March 2007Limits

The statutory gateways were relevant to the purpose and limits of the confidentiality regime. No relevant gateway was available on the facts. (see paras [5]-[6]; [20]; [30]-[35]) Cited only. Cited only. Cited only. Cited only. 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 2025

The provision permits disclosure of confidential information for facilitating a public function where the disclosure is authorised by Treasury regulations. It supplies the statutory basis for permitted internal and external use under Regulations 3 and 5. (see paras [94], [168]-[172])

The Bank Of England v Treasury Solicitor

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

The court considered the statutory exceptions to the prohibition on disclosure and concluded that none applied. (see paras [21]-[24]; [32]) The court held that the relevant exception required disclosure for facilitating a public function and permission under Treasury regulations. Those requirements were not met. (see paras [21]; [32]) Disclosure for use by a claimant in private litigation was not disclosure for facilitating the Bank of England’s public functions. (see para [32]) The regulatory permission required by section 349(1)(b) was found inapplicable because the proceedings did not fall within regulation 5(6). (see paras [21]-[24]; [32])

What each judgment says about section 349 is in the case-law panel in the full Act.

Explanatory note

619.This section makes clear that, notwithstanding the restrictions in section 348, confidential information may be disclosed if this is in accordance with regulations made by the Treasury.  It also gives the Treasury the power to make such regulations where disclosure would facilitate the carrying out of a public function.  This power will be used to create various “gateways” between the primary recipients and other organisations for various specified purposes.

All the explanatory notes for the Act

Amendments and notes

45 notes from legislation.gov.uk

Amendments

  1. F2602Words in s. 349(2)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 19(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F2603S. 349(3A)(3B) inserted (6.4.2007) by Companies Act 2006 (c. 46), ss. 964(4), 1300(2); S.I. 2007/1093, art. 2(1)(b) (with arts. 4, 11)
  3. F2604Words in s. 349(3A)(a) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(3)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
  4. F2605Words in s. 349(3A)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 19(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  5. F2606Words in s. 349(3A)(b) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(3)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)
  6. F2607S. 349(3B) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
  7. F2608S. 349(5)(b) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(3)(c); 2020 c. 1, Sch. 5 para. 1(1)
  8. F2609Words in s. 349(5)(c) inserted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(3)(d); 2020 c. 1, Sch. 5 para. 1(1)
  9. F2610S. 349(8) repealed (6.4.2007) by The Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/1093), art. 7, Sch. 5 (with arts. 4, 11) (as amended by S.I. 2008/2860, art. 6)

Modifications

  1. 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)
  2. 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)
  3. 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
  4. 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
  5. 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
  6. 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)
  7. 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
  8. C1140S. 349 extended (1.12.2001) by S.I. 2001/3648, arts. 1, 3(2), 4, 5(2), 7(2)
  9. C1141S. 349 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)
  10. C1142S. 349 modified (20.4.2003) by The Insurers (Reorganisation and Winding Up) Regulations 2003 (S.I. 2003/1102), reg. 50(4) (with reg. 3)
  11. C1143S. 349 applied (18.2.2004) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 16(2)(3) (with reg. 3)
  12. C1144S. 349 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)
  13. C1145S. 349 applied (with modifications) (5.5.2004) by The Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045), regs. 18, 38
  14. C1146S. 349 applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 43
  15. C1147S. 349 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))
  16. C1148S. 349 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 4
  17. C1149S. 349 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))
  18. C1150S. 349 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))
  19. C1151S. 349 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)
  20. C1152S. 349 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 12
  21. C1153S. 349 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)
  22. C1154S. 349 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))
  23. C1155S. 349 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))
  24. C1156S. 349 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)
  25. C1157S. 349 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 3
  26. C1158S. 349 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)
  27. C1159S. 349 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
  28. C1160S. 349 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) (as amended by S.I. 2019/681, regs. 1(3), 9(3)(a))
  29. C1161S. 349 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
  30. C1162S. 349 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)
  31. C1163S. 349 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 24
  32. C1164S. 349 applied (with modifications) (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(6)(b)
  33. C1165S. 349 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. C1166S. 349 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)

Commencement

  1. I76S. 349 wholly in force at 18.6.2001; s. 349 not in force at Royal Assent see s. 431(2); s. 349 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 349 in force in so far as not already in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.

Marginal citations

  1. M311978 c. 30.