HL Deb 24 June 1993 vol 547 cc16-7WA
Lord Spens

asked Her Majesty's Government:

Whether they can confirm the view of the Securities and Investments Board that all reports made under Section 105 of the Financial Services Act 1986 which are sent to the Secretary of State pursuant to Section 106 of that Act "are covered by public interest immunity" and are not therefore disclosable (except by direction of a court) to the individuals or firms, the subjects of the said Section 105 investigation.

The Earl of Caithness

The Government share the view that reports of investigations made under Section 105 of the Financial Services Act fall into a class which attracts public interest immunity.

Lord Spens

asked Her Majesty's Government:

Whether individuals or firms, the subject of an investigation under Section 105 of the Financial Services Act 1986 by the Securities and Investments Board, are entitled to receive a copy of the report submitted to the Secretary of State pursuant to the provisions of Section 106 of that Act.

The Earl of Caithness

No. The powers conferred by Section 105 and Section 106 of the Financial Services Act 1986 may be exercised by the Secretary of State or the Securities and Investments Board. The information obtained in the exercise of those powers is restricted information within the meaning of Section 179(2) of the Act. Where it relates to the business or other affairs of any person, it may not be disclosed except with the consent of the person from whom the information was obtained and, if different, the person to whom it relates, save in the circumstances set out in Section 180 of the Act. The restriction on disclosure applies not only to the primary recipient of restricted information but also to persons receiving information from him. Thus, while SIB has a discretion to pass restricted information (including any report it requires be made to it under Section 106 of the Act) to the Secretary of State under Section 180 of the Act, it need not do so. To the extent that it does, the Secretary of State will himself be bound by the provisions of the Act in disclosing that information further.

Lord Spens

asked Her Majesty's Government:

In what circumstances are individuals or firms entitled to receive reports made pursuant to Section 106 of the Financial Services Act 1986 in respect of investigations authorised by the Securities and Investments Board under Section 105 of that Act.

The Earl of Caithness

The information contained in any report which the Securities and Investments Board requires to be made to it under Section 106 of the Financial Services Act will be restricted information within the meaning of Section 179(2) of the Act. Where it relates to the business or other affairs of any person, it may not be disclosed except with the consent of the person from whom the information was obtained and, if different, the person to whom it relates, save in the circumstances set out in Section 180 of the Act. The exercise of discretion by the Securities and Investments Board to disclose restricted information is a matter for the board.