(1)Section 452 of the M1Companies Act 1985 (privileged information) is amended as follows.
(2)In subsection (1), omit paragraph (b) (disclosure by bankers of information relating to their customers).
(3)After that subsection insert—
“(1A)Nothing in section 434, 443 or 446 requires a person (except as mentioned in subsection (1B) below) to disclose information or produce documents in respect of which he owes an obligation of confidence by virtue of carrying on the business of banking unless—
(a)the person to whom the obligation of confidence is owed is the company or other body corporate under investigation,
(b)the person to whom the obligation of confidence is owed consents to the disclosure or production, or
(c)the making of the requirement is authorised by the Secretary of State.
(1B)Subsection (1A) does not apply where the person owing the obligation of confidence is the company or other body corporate under investigation under section 431, 432 or 433.”.
(4)In subsection (3) after “officer of his” insert “or other person”.