Exemption in respect of certain functions
38. (1) Personal information processed for the purpose of discharging a relevant function is exempt from sections 11(3) and (4), 12, 15 and 18 in any case to the extent to which the application of those provisions to personal information would be likely to prejudice the proper discharge of that function.
(2) ‘‘Relevant function’’ for purposes of subsection (1), means any function—
(a) of a public body; or ich is performed with the view to protecting members of the public against—
(i) financial loss due to dishonesty, malpractice or other seriously improper conduct by, or the unfitness or incompetence of, persons concerned in the provision of banking, insurance, investment or other financial services or in the management of corporate bodies; or
(ii) dishonesty, malpractice or other seriously improper conduct by, or the unfitness or incompetence of, persons authorised to carry on any profession or other activity.