Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how he plans to ensure the information sharing gateway between the Financial Conduct Authority (FCA) and the Electoral Commission will allow the FCA to share information on the Commission's investigation into Mr Arron Banks.

The Electoral Commission’s investigation into Mr Arron Banks is a matter for the Commission.

I would expect the Financial Conduct Authority (FCA) to provide relevant assistance to the Commission with their investigation, considering restrictions on confidential information imposed by financial services legislation, and whether the issue falls within the FCA’s jurisdiction.

The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 impose clear confidentiality restrictions to encourage the free-flow of information. Any uncertainty about the disclosure of confidential information by the regulators might lead to the regulators’ sources (including regulated firms) being less willing to provide this information.