Disclosure of information
Section 82: Restricted information
265.This section prevents the Regulator, or any person to whom the Regulator gives restricted information from disclosing it unless the Regulator has the consent of the individual who provided the information and anyone whom it relates to, except in circumstances prescribed in sections 71(9), 83 to 88 and 235.
266.Regulations which contain any provision made by virtue of section 61(2)(b) (the register: inspection, provision of information and reports etc) may, in particular, modify this section.
267.Unauthorised disclosure of information will represent an offence, except where so permitted.
268.“Restricted information “means any information the Regulator has obtained in carrying out its regulatory functions with the exception of information which is already in the public domain or information presented in a way in which the identity of an individual could not be determined.
Section 83: Information supplied to the Regulator by corresponding overseas authorities
269.For the purpose of section 82 “restricted information” includes information given to the Regulator by any corresponding overseas authority. Sections 84 to 87 do not apply to information given to the Regulator by any corresponding overseas authority. The Regulator can only disclose this information if it enables or assists the Regulator in the discharge of its functions, or for the purpose of criminal proceedings.
Section 84: Disclosure for facilitating exercise of functions by the Regulator
270.This section allows the Regulator to disclose information to a qualified individual where the Regulator needs to seek advice on a technical matter (for example on a matter of law or accountancy practice) if the Regulator believes that it needs that advice to properly exercise its functions. For example, the Regulator may need to disclose information to a skilled person to enable a report under section 71 (report by skilled persons) to be prepared.
Section 85: Disclosure for facilitating exercise of functions by the Board
271.This section allows the Regulator and anyone receiving the information from the Regulator to disclose restricted information for the purpose of aiding the Board of the Pension Protection Fund to carry out its functions.
Section 86: Disclosure for facilitating exercise of functions by other supervisory authorities
272.This section allows the Regulator to disclose restricted information to any individual specified in the first column of Schedule 3 if the Regulator considers that it would enable or assist that person in exercising their functions listed in column two of Schedule 3. Schedule 3 may be amended by the Secretary of State, by Order, after consultation with the Regulator.
Schedule 3: Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions
273.This Schedule provides a list of persons to whom the Regulator can disclose restricted information, if the Regulator considers that the disclosure would enable or assist the person to exercise the functions specified in relation to him in the second column of the Schedule.
Section 87: Other permitted disclosures
274.This section sets out other circumstances where the Regulator can disclose restricted information. These include disclosure:
to the Secretary of State, the Inland Revenue or the Department for Social Development in Northern Ireland if the Regulator believes it is in the interest of scheme members or in the public interest (subsection (1));
for the purpose of any criminal proceedings arising from the specified provisions, in disciplinary proceedings relating to carrying out professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner;
in relation to disciplinary proceedings against a public servant;
in assisting an authority in a country outside the United Kingdom to carry out functions in this Act and the Pensions Act 1995; or
in the pursuance of a Community obligation.
275.The Regulator is not prevented from disclosing restricted information to the Director of Public Prosecutions; the Director of Public Prosecutions for Northern Ireland; the Lord Advocate; a procurator fiscal; or a constable.
276.Subsection (4) provides that the Regulator is not prevented from disclosing restricted information where disclosure is required by law, or to a trustee which the Regulator has appointed if the disclosure is for the purpose of enabling or assisting him to carry out his work.
277.Any person mentioned in subsection (1) or (4) to whom the Regulator gives information is able to disclose it with the permission of the Regulator. Also any person listed in Schedule 3 can disclose information to other supervising authorities with the consent of the Regulator for the purpose of carrying out functions listed in the second column of Schedule 3. Before the Regulator gives consent to a party to disclose information the Regulator must take into account representations made by that party in respect of the need for the disclosure.
Section 88: Tax Information
278.Subsections (1) and (2) relate to disclosure of information by the Inland Revenue. It applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions to tax or duty in the case of an identifiable person. Subsection (2) provides that the Inland Revenue will not be bound by the restrictions imposed by section 182 of the Finance Act 1989 (disclosure of information) so long as the information is disclosed for the purposes of enabling or assisting the Regulator to discharge its functions. Subsections (3) to (5) apply where the Inland Revenue discloses information to the Regulator and provide that the Regulator should treat it as “restricted information”. The usual provisions about disclosure do not apply and the Regulator must not disclose this information unless the Commissioners of the Inland Revenue or Customs and Excise have given permission or in connection with criminal proceedings being brought under this Act, the Pensions Act 1995 or the Pension Schemes Act 1993.