Committee publication · Correspondence · 14 July 2026

Correspondence from FCA on information handling, dated 6 July 2026

Inquiry: Work of the Financial Conduct Authority

Summary

The FCA updates the Treasury Committee on actions taken following the early release of the OBR's November 2025 Economic and Fiscal Outlook report. The FCA has published updated guidance on inside information handling, provided training to the OBR and HM Treasury, reviewed internal investigations and security analyses, and found no basis for further market abuse action, though it continues supporting departments on information security.

Key findings

FCA published updated guidance on inside information identification and handling on 22 May 2026, informed by the November 2025 budget day events
FCA delivered training on inside information to the OBR on 5 May 2026 and offered training to HM Treasury
After reviewing the OBR's internal investigation, NCSC technical analysis, and HM Treasury's Budget Information Security Review, the FCA found no basis for further market abuse action
HM Treasury has confirmed it will remind staff of obligations under the Market Abuse Regulation (MAR), particularly before future budgets
The FCA continues to support government departments, public bodies and regulators in identifying and handling inside information

Tone

Factual

Topics

market-abusefinancial-regulationinformation-securitygovernment-governance

Key actors

Dame Meg Hillier, Nikhil Rathi, FCA, Office for Budget Responsibility, HM Treasury, National Cyber Security Centre, Cabinet Office

Notable line

“Following our review of the circumstances surrounding this event, and with consideration of the remedial actions being implemented on the NCSC's recommendations …”

Key Quotes

“We continue to support government departments, public bodies and other regulators in identifying and handling inside information.”
— Nikhil Rathi, FCA Chief Executive · Describing ongoing FCA role in information handling oversight

“Following our review of the circumstances surrounding this event, and with consideration of the remedial actions being implemented on the NCSC's recommendations and the training we have provided to the OBR, we found no basis for further action with regards to market abuse.”
— Nikhil Rathi, FCA Chief Executive · Conclusion on OBR early release investigation

“HMT has confirmed it will remind staff of their obligations under MAR, particularly in the run up to the Budget.”
— Nikhil Rathi, FCA Chief Executive · HM Treasury's commitment to staff compliance

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Source · parliament.uk record ↗