On Dec. 11, UK Treasury amended the confidential information rules.
UK Treasury published The financial services and markets act 2000 (disclosure of confidential information) (amendment) regulations 2024 (StIn 2024/1306).
These regulations amend schedules 1 and 2 to the Financial services and markets act 2000 (disclosure of confidential information) regulations 2001 (StIn 2001/2188).
Summary
Amend the 2001 regulations to rectify a drafting deficiency and widen to whom UK FCA may disclose confidential information, as defined in s. 348(2) of the FSMA 2000.
This will help improve information sharing between the UK FCA and legal regulators and therefore improve the supervision of claims management activity.
UK FCA may share information about potential claims management misconduct or emerging risks with the appropriate legal regulator; ultimately reduce consumer harm.
