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FCA

Law of banking - cheques, PPI etc. Insurance, Financial Services/

FCA

Postby LoveandPeace » Thu Sep 28, 2017 11:02 am

There is a certain celebrity in the media at present claiming they were given a report (they are not meant to have) that's not been released by the above.

They are also claiming it would be a criminal offence to hand the report over to others.

Apparently he received a letter from the head of the above warning it would be an offence.

Therefore, if it is, what section of law that would be, please?

Thank you.
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Re: FCA

Postby atticus » Thu Sep 28, 2017 11:22 am

My search engine produces results that indicate that the FCA considers there would be an offence under the Financial Services and Markets Act 2000. Which section is not clear to me. There are several sections which create offences.
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Re: FCA

Postby atticus » Thu Sep 28, 2017 11:37 am

Possibly s 352.
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Re: FCA

Postby LoveandPeace » Thu Sep 28, 2017 12:29 pm

So does that law apply to people whom don't work for them?
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Re: FCA

Postby atticus » Thu Sep 28, 2017 12:39 pm

If you read it, I think you will agree that it appears to.
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Re: FCA

Postby LoveandPeace » Fri Sep 29, 2017 6:35 pm

352 Offences.
(1)A person who discloses information in contravention of section 348 or 350(5) is guilty of an offence.

(2)A person guilty of an offence under subsection (1) is liable—

(a)on summary conviction, to imprisonment for a term not exceeding three months or a fine not exceeding the statutory maximum, or both;

(b)on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.

(3)A person is guilty of an offence if, in contravention of any provision of regulations made under section 349, he uses information which has been disclosed to him in accordance with the regulations.

(4)A person is guilty of an offence if, in contravention of subsection (4) of section 350, he uses information which has been disclosed to him in accordance with that section.

(5)A person guilty of an offence under subsection (3) or (4) is liable on summary conviction to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale, or both.

(6)In proceedings for an offence under this section it is a defence for the accused to prove—

(a)that he did not know and had no reason to suspect that the information was confidential information or that it had been disclosed in accordance with section 350;

(b)that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.

Therefore is it s348

(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)was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Authority, the competent authority for the purposes of Part VI 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).

(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—

(a)the Authority;

(b)any person exercising functions conferred by Part VI on the competent authority;

(c)the Secretary of State;

(d)a person appointed [F1to collect or update information under section 139E or] to make a report under section 166;

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

(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 the competent authority under section 97;

(b)a competent person appointed by the Authority or the Secretary of State to conduct an investigation under Part XI;


How would you interpret 4b?

(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.
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Re: FCA

Postby LoveandPeace » Fri Sep 29, 2017 6:38 pm

Whilst I'm here, is there is any circumstances in which you report a breach of the DPA by a bank to the FCA? I always thought a breach was reported to the ICO.

Clarification will be appreciated.

Thank you.
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Re: FCA

Postby dls » Fri Sep 29, 2017 9:26 pm

A DPA breach may also, according to the ircs, be relevan to the FCA
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Re: FCA

Postby LoveandPeace » Fri Sep 29, 2017 10:36 pm

dls wrote:A DPA breach may also, according to the ircs, be relevan to the FCA


The abbreviation stands for? Inland Revenue .....?
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Re: FCA

Postby dls » Sun Oct 01, 2017 11:29 am

Sorry, stumbling fingers

circs
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