The FSA has a regulatory objective of contributing to the protection and enhancement of UK financial stability. Section 250 of the Banking Act 2009 imposes a duty on the FSA to collect information that it thinks is, or may be, relevant to the stability of individual financial institutions or to one or more aspects of the UK financial system.
The FSA may use the financial stability information power to gather additional information relevant to UK financial stability. The information may relate to the exercise of the FSA's functions, or the FSA may collect the information in order to disclose it to another person or authority, for example the Bank of England or the Treasury. Information relevant to financial stability may be held by an authorised person or by an unauthorised person.
When the FSA seeks additional information from an authorised person or an unauthorised person it may not in all cases be necessary to exercise statutory information-gathering powers. However, the FSA will use its statutory powers if it believes it is appropriate to do so and, in urgent cases, it may be appropriate for the FSA to exercise these powers without delay.