Financial Services and Markets Act 2000

Changes over time for: Section 394

Alternative versions:

Changes to legislation:

Financial Services and Markets Act 2000, Section 394 is up to date with all changes known to be in force on or before 24 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Act applied (with modifications) by S.I. 2023/1347 reg. 8
Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Pt. 17 Ch. 3B inserted by 2023 c. 29 s. 64(3)
Pt. 20C inserted by 2016 c. 14 s. 30(3)
s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
s. 32A inserted by 2021 c. 22 s. 22(3)
s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
s. 86(9A) inserted by S.I. 2019/707 reg. 8(9) (This amendment not applied to legislation.gov.uk. Reg. 8(6)-(10) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 13(c))
s. 87A(11) inserted by S.I. 2019/707 reg. 10(5) (This amendment not applied to legislation.gov.uk. Reg. 10(4)(5) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 15(b))
s. 124(10)(c)(i) word omitted by S.I. 2019/310 reg. 5(11)(b) (This amendment not applied to legislation.gov.uk. Reg. 5(11)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(e))
s. 129(7)(a) word inserted by S.I. 2019/310 reg. 5(12)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 129(7)(c) omitted and word by S.I. 2019/310 reg. 5(12)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
s. 261E(A1) inserted by 2023 c. 29 s. 64(2)(a)
s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
s. 427A(3) words substituted by 2002 c. 40 Sch. 17 para. 59 (This amendment not applied to legislation.gov.uk. The Financial Services and Markets Act 2000 does not contain a section 427A.)
Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
Sch. 2A para. 19(2)(b)(iia) inserted by 2023 c. 29 Sch. 10 para. 19(a)
Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2B inserted by 2021 c. 22 Sch. 7
Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 11A para. 5(3) inserted by S.I. 2019/707 reg. 38(5)(b) (This amendment not applied to legislation.gov.uk. Reg. 38(2)-(5)(7)(8) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 20)
Sch. 17A para. 12 words substituted by S.I. 2019/662 reg. 13(1) (This amendment not applied to legislation.gov.uk. Reg. 13(1) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 11(3))

394 Access to [F1FCA or PRA] material.U.K.

This section has no associated Explanatory Notes

(1)If [F2a regulator] gives a person (“A”) a notice to which this section applies, it must—

(a)allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;

(b)allow him access to any secondary material which [F3, in the regulator's opinion,] might undermine that decision.

(2)But [F4the regulator giving the notice] does not have to allow A access to material under subsection (1) if the material is excluded material or it—

(a)relates to a case involving a person other than A; and

(b)was taken into account by [F4the regulator giving the notice] in A’s case only for purposes of comparison with other cases.

(3)[F5The regulator giving the notice] may refuse access A to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material—

(a)would not be in the public interest; or

(b)would not be fair, having regard to—

(i)the likely significance of the material to A in relation to the matter in respect of which he has been given a notice to which this section applies; and

(ii)the potential prejudice to the commercial interests of a person other than A which would be caused by the material’s disclosure.

(4)If [F6the regulator giving the notice] does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of—

(a)the existence of the protected item; and

(b)[F7the regulator's] decision not to allow him access to it.

(5)If [F8the regulator giving the notice] refuses under subsection (3) to allow A access to material, it must give him written notice of—

(a)the refusal; and

(b)the reasons for it.

(6)“Secondary material” means material, other than material falling within paragraph (a) of subsection (1) which—

(a)was considered by [F9the regulator giving the notice] in reaching the decision mentioned in that paragraph; or

(b)was obtained by [F10the regulator giving the notice in connection with the matter to which that notice] relates but which was not considered by it in reaching that decision.

(7)“Excluded material” means material which—

[F11(a)is material the disclosure of which for the purposes of or in connection with any legal proceedings is prohibited by [F12section 56 of the Investigatory Powers Act 2016]; or]

(c)is a protected item (as defined in section 413).

Textual Amendments

F1Words in s. 394 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(8) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2Words in s. 394(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in s. 394(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4Words in s. 394(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5Words in s. 394(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6Words in s. 394(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(5)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7Words in s. 394(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(5)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8Words in s. 394(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9Words in s. 394(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(7)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F10Words in s. 394(6)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 33(7)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.