This Practice Note outlines the general approach to financial services businesses which operate without the correct authorisations. The Practice Note introduces the general prohibition in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), various exemptions and the criminal offences under sections 23–25. It also provides an introduction to the various remedies available when a firm is in breach of the general prohibition. It introduces the concept of regulated activities and the concepts in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).