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A Consultative Paper on the draft Financial Services (Gateways) Order 2008 25 November 2008

A gateway exists in the Financial Services Act 2008 between the Office of Fair Trading (“OFT”) and the FSC for the disclosure of restricted information in relation to the OFT discharging its functions in relation to financial services disputes.

In addition, a further gateway exists by virtue of the Financial Supervision (Gateways) Order 1999 in relation to other functions of the OFT.

While the 1999 order remains in effect under the new Financial Services Act 2008, the new order provides a consolidated list of the Acts under which restricted information may be disclosed to the OFT by those persons identified as the primary recipients of the restricted information. “Primary recipients” includes, but is not limited to the FSC.

The circumstances under which and those persons to whom restricted information may be provided is set out in paragraph 2, Schedule 5 to the Financial Services Act 2008.

This Order is made by the Treasury and therefore the Commission is consulting on behalf of the Treasury. The Commission would be grateful if any comments on the paper could be submitted before 12 December 2008.

The paper can be found on the FSCs website.

Enquiries:

Miss Gillian Prestwich
Adviser, Policy & Legal Division
Financial Supervision Commission
P O Box 58
Finch Hill House, Bucks Road
Douglas, Isle of Man IM99 1DT

Direct Line: 01624 689331

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