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I think, Anon, the reasoning goes:-

Mrs A has a dispute with Banking Group PLC. She refers it to the FCA, who now consider that Banking Group PLC have breached various rules.

Banking Group PLC instructs Mr Highly Paid QC to advise. The advice contains information on Mrs A; but the advice is privileged. The FCA then goes to the Information Commissioner and says that Banking Group PLC is breaching the GDPR with some or other processing of data on Mrs A.

ICO can go in and get any data - including any privileged information. They can then pass it to the FCA who can then pass it Mrs A, so long as they redact any other names of any third parties.

Mrs A can then find out that the bank know they are on a hiding to nothing and will settle.

I think that's the process anyway, but I don't know, because the GDPR and DPB 2018 is virtually unintelligible. See other thread on data processing agreements from a couple of weeks ago.