To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the Financial Conduct Authority's requirement for investment management firms to obtain confidential financial information on their clients on compliance with (a) privacy (b) human rights regulations.
20 June 2019
The Financial Conduct Authority (FCA) is operationally independent from government and their remit is set by parliament.
The FCA has an objective set out in legislation to ensure the relevant markets work well. It expects firms to understand their customers both for anti-money laundering (AML) purposes and to ensure the provision of the appropriate services.