Financial Conduct Authority

The complainant has requested information regarding the Financial Conduct Authority’s (FCA) investigation of the management fees charged on closet tracker funds. So far as is relevant, the FCA refused the first and third part of the request under the exemptions provided by section 31 – law enforcement, section 43 – prejudice to commercial interests and section 44 – statutory prohibition. It also refused part five of the request under section 12 – on the basis that complying with that element of the request would exceed the appropriate (cost) limit. During the course of the Commissioner’s investigation the FCA withdrew its reliance on section 12 in respect of part five and instead applied the exemptions provided by sections 31, 43 and 44 to that information. The Commissioner’s decision is that the FCA is entitled to withhold the requested information under the exemptions provided sections 31 and 44. The Commissioner does not require the public authority to take any further action in this matter.