Jurisdiction(s):
United Kingdom

FCA and PRA information-gathering, confidentiality and Treasury disclosure gateways under FSMA 2000 (UK): powers, overseas co-operation and protected (privileged) items

Published by a LexisNexis Financial Services expert

Practice notes

The Financial Services Enforcement Database

The Financial Services Enforcement Database contains comprehensive details of every substantive FCA and PRA Final Notice and, when published, Decision Notices dating back to 2014. Users can search and refine the Database by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, level of financial penalty, and further measures, including referrals to the Upper Tribunal. Under the Financial Services and Markets Act 2000 (FSMA 2000), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) hold a range of powers to gather information for supervisory and enforcement purposes. This Practice Note outlines the FCA’s information‑gathering powers and the limits placed on the disclosure and use of material obtained. These include powers in FSMA 2000, ss 165–169, enabling the regulators to compel firms to supply information and reports, appoint investigators, and support overseas regulators. The PRA also has a further power under FSMA 2000, s 165A, to demand information held by investment funds where it may bear on the stability of UK financial markets. For fuller guidance, see Practice Note: FCA and PRA disclosure issues—essentials. This Practice Note sets out the rules that govern the disclosure of confidential information, its use and handling, and related restrictions...

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Guy Wilkes

Mishcon de Reya

Guy is a Partner in the Finance and Banking Disputes Group. He specialises in financial services regulatory disputes and has been involved in some of the FCA and PRA's highest profile investigations into both individuals and institutions. He was formerly a member of the FCA's senior leadership team and had responsibility for developing enforcement strategy, especially in relation to financial crime and anti-money laundering where he chaired the cross-divisional working group. While at the FCA, Guy set up and ran an internal expert group for investigations against senior individuals. Guy also conducts and advises clients on internal investigations, including those involving senior managers. His regulatory experience involves a wide range of matters including anti-money laundering and anti-bribery controls, listings rule breaches, conflicts of interest, suitability of investment advice, treatment of customers, client asset rules, market misconduct, competition law and personal culpability of...

Sheron Cheng

Mishcon de Reya

Sheron is an associate in Mishcon de Reya's highly regarded Financial Services Investigations and Enforcement practice. She has experience on contentious regulatory and enforcement work and has experience advising firms and senior individuals under regulatory investigation by regulators such as the Financial Conduct Authority ("FCA"). Prior to joining Mishcon, Sheron worked at the Enforcement division of the FCA where she gained valuable insight into the FCA's approach to enforcement. Sheron is dual qualified as a lawyer in both England/Wales and Hong Kong....

Elizabeth Hope

Mishcon de Reya

Elizabeth is a Managing Associate in Mishcon's highly regarded Financial Services Investigations and Enforcement practice.Elizabeth's practice is exclusively focussed on contentious regulatory and enforcement work, and she has significant experience advising firms and senior individuals at risk of, or under, regulatory investigation by the Financial Conduct Authority ('FCA') and Prudential Regulation Authority ('PRA') for alleged serious misconduct or rule breaches. Elizabeth has played a key role in some of the most important financial services cases of recent years and brings great experience, strategic insight and judgement. Her experience includes cases concerning complex multi-party market abuse, serious misconduct, supervisory/pre-enforcement enquiries and internal investigations. Elizabeth's skills were strengthened by a seven-month secondment to the FCA's Enforcement Division where she gained valuable insight into the FCA's approach to Enforcement and future priorities.Elizabeth also has a range of experience representing clients faced with enquiries or...

Web page updated on 22/05/2026

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