FCA signs MoUs with other UK regulators the ICO and ASA

IMG_0101On 28 January 2015, the UK’s Financial Conduct Authority (FCA) published a Memorandum of Understanding (MoU) dated 29 September 2014 that it has entered into with the Information Commissioner’s Office (ICO) in relation to their “separate but overlapping mandates” as regulators.  It covers the following areas:

  • Roles and responsibilities of the FCA and ICO
  • Co-operation
  • Information sharing
  • Policy and rule-making
  • Investigation and enforcement
  • Confidentiality

The MoU will facilitate co-ordination between the FCA and the ICO in relation to their responsibilities under the Financial Services and Markets Act 2000 (FSMA), the Data Protection Act 1998 (DPA), the Freedom of Information Act 2000 (FOIA), the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426) (PECR), the Environmental Information Regulations 2004 (SI 2004/3391) (EIR) and the INSPIRE Regulations 2009 (SI 2009/3157).

The FCA has also entered into an MoU with the Advertising Standards Authority (ASA) dated 3 December 2014, which covers the following areas:

  • Roles and responsibilities of the FCA and ASA (including the ASA’s remit over financial advertising)
  • Co-ordination
  • Information sharing
  • Policy and rule-making
  • Investigation and enforcement
  • Confidentiality

The MoU will facilitate co-ordination between the FCA and the ACA in relation to FSMA, UK Code of Non-broadcast Advertising, Sales Promotion and Direct Marketing (CAP Code), UK Code of Broadcast Advertising (BCAP Code) and other relevant legislation.

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