Transparency

We set out to be as open and accountable as possible, so we can be scrutinised by consumers, firms and Parliament.

To do this we:

  • publish information about regulated firms and individuals, or we require them to do so
  • function as transparently as possible

As part of this we have a data strategy that sets out why we ask for certain information from firms and what we do with it. And our Data Bulletin brings together some key information about what we do and the markets we regulate.

Our register of interests provides details of directorships or any other positions held in companies listed and/or regulated in the UK by our Chairman and Executive members of our Board in the past five years, as set out in the Code of Conduct handbook.

Our press office handbook sets out how we deal with the media.

We publish internal audit reports as agreed with the Treasury Select Committee and external reviews.

We also publish impact assessments as required under the Small Business, Enterprise and Employment Act 2015. These look at changes we make that impose a requirement, set standards, or give or amend guidance for businesses. The impact assessments are verified by the Regulatory Policy Committee.

We have also published the FCA Enterprise Act Annual Report 2017.

In 2015, the FCA Board commissioned Boardroom Review Limited to undertake a review of its effectiveness (the 2015 Board review). In 2014, the Board review was undertaken by Independent Audit Limited (the 2014 Board review).

We are applying the principles of the Senior Managers Regime to our own senior managers including members of our Board, Executive Committee and those carrying out senior management functions.

Confidential information

We are legally required to protect confidential information relating to both individuals and firms.

Confidential information is information we receive in the course of our work that relates to the business or affairs of any person. Information is not confidential if:

  • it is already lawfully publicly available
  • it is written so that the reader is unable to gather from it information about any particular person or firm, for example collective data on a group of firms

There are certain circumstances in which we can disclose confidential information to others, but outside of these it is a criminal offence. So in many circumstances we are unable to disclose information even if it might be helpful to others.

When we do disclose confidential information, it continues to be confidential in the hands of the recipient. Any recipient who then discloses the confidential information, unless they are permitted by law to do so, commits a criminal offence. We cannot give permission to others to disclose information if the law does not permit it.