Orders of the Day — Financial Services Bill – in the House of Commons at 9:15 pm on 12 June 1986.
4. For subsections (1) and (2) of section 47A of the Insurance Companies Act 1982 there shall be substituted—
(1) Subject to the following provisions of this section, no information relating to the business or other affairs of any person which has been obtained under section 44(2) to (4) above shall be disclosed without the consent of the person from whom the information was obtained and, if different, the person to whom it relates.
(2) Subsection (1) above shall not preclude the disclosure of information to any person who is a competent authority for the purposes of section 449 of the Companies Act 1985.
(2A) Subsection (I) above shall not preclude the disclosure of information as mentioned in any of the paragraphs except (k) of subsection (1) of section 149 of the Financial Services Act 1986 or in subsection (3) or (4) of that section or as mentioned in section 449(1) of the Companies Act 1985.
(2B) Subsection (1) above shall not preclude the disclosure of any such information as is mentioned in section 149(5) of the Financial Services Act 1986 by any person who by virtue of that section is not precluded by section 148 of that Act from disclosing it.
5. After subsection (1) of section 437 of the Companies Act 1985 there shall be inserted—
(1A) Any persons who have been appointed under section 431 or 432 may at any time and, if the Secretary of State directs them to do so, shall inform him of any matters coming to their knowledge of their investigations:
and subsection (2) of section 433 of that Act shall he omitted.
7.—(1) In subsection ( 1) of section 449 of that Act—
2 After subsection (1) of that section there shall be inserted—
(1A) In subsection (1) above 'corresponding supervisory functions' means functions corresponding to those of the Secretary of State or the competent authority under the Financial Services Act 1986 or to those of the Secretary of State under the Insurance Companies Act 1982 or to those of the Bank of England under the Banking Act 1979 or any other functions in connection with the rules of law corresponding to the provisions of the Insider Dealing Act or Part VII of the Financial Services Act 1986.
(1B) Subject to subsection (1C), subsection (1) shall not preclude publication or disclosure for the purpose of enabling or assisting any public or other authority for the time being designated for the purposes of this section by the Secretary of State by an order in a statutory instrument to discharge any functions which are specified in the order.
(1C) An order under subsection (1B) designating an authority for the purpose of that subsection may—
(1D) Subsection (1) shall not preclude the publication or disclosure of any such information as is mentioned in section 149(5) of the Financial Services Act 1986 by any person who by virtue of that section is not precluded by section 148 of that Act from disclosing it.
(3) For subsection (3) of that section (competent authorities) there shall he substituted—
(3) For the purposes of this section each of the following is a competent authority—
8. After section 451 of that Act there shall be inserted—
"Disclosure of information by Secretary of State.
451A. The Secretary of State may, if he thinks fit, disclose any information obtained under this Part of this Act—