ANCEAN LIMITED v The Financial Conduct Authority [2025] UKUT 00404 (TCC)
Upper Tribunal Tax and Chancery Decision of Judge Rupert Jones on 05 December 2025
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FINANCIAL SERVICES – procedure – the Authority applies for a declaration that it may use and disclose documents provided to it by Ancean in ongoing reference proceedings - whether there is an implied undertaking or rule restricting the collateral use or disclosure of the documents – the statutory scheme, s.348-349 FSMA and FSMA (Disclosure of Confidential Information) Regulations 2001, provides a complete code as to whether, how and when the Authority may use and disclose documents provided to it in reference proceedings – the scheme displaces the position at common law which is in any event unclear - the Authority does not require the permission of the Tribunal to use and disclose Ancean’s documents, but if permission were required, it is given – the directions made and reasons given suffice, even if the Tribunal had the power to make a declaration