Financial Services Act 1986 (Repealed)

179 Restrictions on disclosure of information. U.K.

(1) Subject to section 180 below, information which is restricted information for the purposes of this section and relates to the business or other affairs of any person shall not be disclosed by a person mentioned in subsection (3) below (“the primary recipient") or any person obtaining the information directly or indirectly from him without the consent of the person from whom the primary recipient obtained the information and if different, the person to whom it relates.

(2) Subject to subsection (4) below, information is restricted information for the purposes of this section if it was obtained by the primary recipient for the purposes of, or in the discharge of his functions under, this Act or any rules or regulations made under this Act (whether or not by virtue of any requirement to supply it made under those provisions).

(3) The persons mentioned in subsection (1) above are—

(a) the Secretary of State;

[F1 (aa) the Treasury;]

(b) any designated agency, transferee body or body administering a scheme under section 54 above;

[F2 (ba) the Financial Services Authority, other than in its capacity as a designated agency;]

(c) the Director General of Fair Trading;

(d) the Chief Registrar of friendly societies;

[F3 (e) the Friendly Societies Commission]

(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(g) any member of the Tribunal;

(h) any person appointed or authorised to exercise any powers under section 94, 106 or 177 above; . . . F4

(i) any officer or servant of any such person [F5 as is mentioned in paragraphs (a) to (h) above];

[F6 (j) any constable or other person named in a warrant issued under this Act.]

(4) Information shall not be treated as restricted information for the purposes of this section if it has been made available to the public by virtue of being disclosed in any circumstances in which or for any purpose for which disclosure is not precluded by this section.

(5) Subject to section 180 below, information obtained by the competent authority in the exercise of its functions under Part IV of this Act or received by it pursuant to a Community obligation from any authority exercising corresponding functions in another member State shall not be disclosed without the consent of the person from whom the competent authority obtained the information and, if different, the person to whom it relates.

(6) Any person who contravenes this section shall be guilty of an offence and liable—

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

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

Textual Amendments

F1 S. 179(3)(aa) inserted (7.6.1992) by S.I. 1992/1315, art. 10(1), Sch. 4 para. 4

F2 S. 179(3)(ba) inserted (1.6.1998) by 1998 c. 11, ss. 23, 46, Sch. 5 Pt. IV Chapter II, para. 65(2)(a); S.I. 1998/1120, art. 2

F3 S. 179(3)(e) substituted (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40), s. 98, Sch. 18 Pt. I para. 4 (with ss. 7(5), 93(4)); S.I. 1993.16, art. 2, Sch. 4; S.I. 1993/2213, art. 2(1), Sch. 5.

F4 Word repealed by Companies Act 1989 (c. 40, SIF 27), ss. 75(1)(a), 212, Sch. 24

F5 Words inserted by Companies Act 1989 (c. 40, SIF 27), s. 75(1)(b)

F6 S. 179(3)(j) inserted by Companies Act 1989 (c. 40, SIF 27),s. 75(1)(c)

Modifications etc. (not altering text)

C1 S. 179 modified by Companies Act 1989 (c. 40, SIF 27), s. 88(3)(b)

S. 179 extended (with modifications) (12.2.1992) by S.I. 1992/225, reg. 113(2)(3)(4).

s. 179 excluded (1.7.1994) by S.I. 1994/1696, reg. 66(1)

s. 179 excluded (18.7.1996) by S.I. 1996/1669, reg. 12(2)

s. 179(3)(ba) applied (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Chapter 2 para. 65(2)(b); S.I. 1998/1120, art. 2

s. 179 excluded (1.1.1996) by S.I. 1995/3275, reg. 48(2)

C2 S. 179(2) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para. 40.