View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
April 4, 2019updated 30 Sep 2022 7:36am

Financial Conduct Authority blocks FOI request on its use of spying powers to grab journalists’ sources

By Freddy Mayhew

The UK’s financial conduct regulator has blocked a freedom of information request by Press Gazette into its use of counter-terrorism spying powers to grab journalists’ call records and expose their sources.

Press Gazette asked the Financial Conduct Authority to reveal details of when it has used the Regulation of Investigatory Powers Act 2000 (RIPA) to access the sources of journalists working for UK-based news publishers over the five years since the FCA’s creation in April 2013.

We made the request after reporting in November last year that the regulator had grabbed six-years of call records from Daily Mail financial journalist Geoff Foster at the request of its French counterpart the Autorité des Marchés Financiers (Financial Markets Authority).

The AMF had been investigating Foster over allegations of insider trading relating to two “market report” articles published in the Mail in 2011 and 2012. It went on to fine him €40,000.

Foster, who is now retired, continues to deny the allegations and has appealed.

A spokesman for Foster and Associated Newspapers said: “This was a deeply troubling decision with serious implications for financial journalism which is currently under appeal to the Cour de Cassation in Paris.

“The FCA’s actions in using powers to obtain and hand over a journalist’s confidential call records are a particularly worrying aspect of this case.”

Content from our partners
Unified solution offers publishers unrivalled print and digital efficiency
How DPG Media invested in print technology to help it focus on digital
How to make sure you are social media ready for job hunting

In its reply to Press Gazette’s FOI request, the FCA said: “We are unable to confirm or deny whether we hold the information you have requested.

“This is because to confirm or deny that we hold it would, or would be likely to, prejudice the exercise by the FCA of its functions under the Financial Services and Markets Act 2000 and would, or would be likely to, prejudice the commercial interests of any person (including the firm in question).”

The regulator pointed to Section 31 (law enforcement) of the FOI Act, which it said offered a “qualified exemption” when disclosure of the information requested “would, or would be likely to, prejudice the exercise by the FCA of its functions” as a regulator.

Police use of RIPA powers to grab journalists’ call records first emerged following the Plebgate scandal in 2012, when the Met targeted Sun journalists to find the source of a story on the incident.

Press Gazette’s Save Our Sources campaign, which followed the revelation, succeeded in changing the law to give greater protection to sources.

Attempts by Press Gazette to reveal more details of the Met’s use of RIPA to spy on journalists resulted in it being labelled “vexatious” and “annoying”.

Picture: Pixabay

Topics in this article : ,

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly dose of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network