TR15/13: Flows of confidential and inside information

This report presents the findings from our review of flows of confidential and inside information.


Financial services firms regularly receive, generate and handle confidential and inside information. This includes information about a firm’s clients as well as details of upcoming transactions which can impact trading in listed instruments. 

Protecting this information, and only handling it in permissible ways, is fundamental to the integrity of the market and to the delivery of good outcomes for clients and market participants. 

These outcomes are underpinned by a range of relevant rules and guidance, which set the parameters within which firms must operate

TR15/13: Flows of confidential and inside information [PDF]

Our findings

Our review findings suggest that, although firms recognise the risks associated with flows of confidential and inside information, further work is needed to ensure that these risks are managed appropriately. 

It is essential that firms’ senior management pay heed to the findings and messages outlined here, and take the steps necessary to identify and resolve any outstanding issues.

Who should read this review?

Our review is relevant to all firms that handle confidential and / or inside information. Although this review did not cover all types of financial services firms, the conclusions will nonetheless be of interest across the sector, given the requirement to protect confidential and inside information at all times.

Next steps

We expect all firms to identify, manage and control the risks arising from flows of information, put in place appropriate oversight and controls, including second line of defence controls, and instil a culture in which market integrity is at the heart of how they do business.

We have provided feedback to each of the firms involved in our review. Where we have identified shortcomings, we expect improvements to be made. We will follow up on this work as part of our routine supervision.