Regulated activities

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European Union and UK government initiatives on money laundering and terrorism finance

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Featured Financial Services content

European Insurance and Occupational Pensions Authority (EIOPA)

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Financial Conduct Authority—Principles for Businesses (PRIN)

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Financial Conduct Authority—objectives and principles

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What is credit and what is a regulated consumer credit agreement?

What is credit and what is a regulated consumer credit agreement?Scope of this Practice NoteThere are several factors to consider when deciding...

Q&As

Does section 75 of the Consumer Credit Act 1974 give full protection to a cardholder for breach of contract when booking services used by the cardholder and others?

Does section 75 of the Consumer Credit Act 1974 give full protection to a cardholder for breach of contract when booking services used by the...

19th May

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Remuneration Code for BIPRU firms

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FCA—APR controlled functions for benchmark administrators and appointed representatives

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IFPRU Remuneration Code

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Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements

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19th May

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FCA regulation of claims management companies—essentials

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Produced in partnership with Nicholas Thompsell of Fieldfisher 19th May

Practice notes

PRA-regulated activities and the scope of PRA regulation

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Overview of UK implementation of the Consumer Credit Directive

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Produced in partnership with Sam Millar of DLA Piper and Tony Katz of DLA Piper 19th May

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The Financial Services Compensation Scheme

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Produced in partnership with Honor Levy of LexisNexis 19th May

Practice notes

SM&CR—Statements of Responsibility (SoRs)

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Responsible lending requirements—CONC 5

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Recognised investment exchanges

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In-house

Q&As

Does the financial conduct authority's consumer credit sourcebook (CONC) apply to the Consumer Credit Act 1974 (CCA 1974) regulated loans secured on land or property? Prior to the implementation of the mortgage credit directive, were CCA 1974 regulated second charge mortgages over land/property subject to CONC?

Does the financial conduct authority's consumer credit sourcebook (CONC) apply to the Consumer Credit Act 1974 (CCA 1974) regulated loans secured on...

Produced in partnership with Thomas Samuels of Gough Square Chambers 19th May

Practice notes

Part VII Transfer of Banking Business

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Conduct Rules for SM&CR Firms

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Most recent Regulated activities content

Q&As

A purchaser intends to purchase a residential property with the seller to remain in occupation, on completion, under an assured shorthold tenancy (AST). The purchaser is a cash buyer and will purchase with no mortgage. Would a purchase and AST back be classed as a regulated sale and rent back agreement under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, given that there is no mortgage involved?

A purchaser intends to purchase a residential property with the seller to remain in occupation, on completion, under an assured shorthold tenancy...

31st Jul

Q&As

Would privately (ie not via a public platform) facilitating an opportunity to individuals to lend to a corporate be caught under the Financial Services and Markets Act 2000 (FSMA 2000) as a regulated activity requiring authorisation? Is it the case that since the borrower is a corporate entity, the credit broking restrictions will not be relevant since there is no consumer contract? It also does not seem like a private arrangement like this would fall under operating an electronic system in relation to lending. What are your thoughts as to whether it may be a regulated activity, whether under the above or other provisions of FSMA 2000?

Would privately (ie not via a public platform) facilitating an opportunity to individuals to lend to a corporate be caught under the Financial...

Produced in partnership with Thomas Samuels of Gough Square Chambers 31st Jul

Q&As

I act for a limited company lending significant monies to a connected private pension scheme in exchange for a mortgage over pension scheme owned commercial property. The money is to be used by the pension scheme to re-pay some but not all of a commercial loan secured on other property to a high street lender. I am using a legal mortgage over a property (often referred to as a 'legal charge') granted by an individual borrower in favour of an individual lender, securing a loan in excess of £25,000 that has been borrowed for the purpose of the borrower's business. I am aware of the business loan exemption in article 60C (3) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Would the use of the monies by the pension scheme as above constitute being used wholly or predominantly for the purpose of its business?

I act for a limited company lending significant monies to a connected private pension scheme in exchange for a mortgage over pension scheme owned...

31st Jul

Q&As

My client owns 100% of the shares in a company and wishes to issue further shares to colleagues and other individuals. We are aware that there are financial promotion restrictions that we must consider but are there any Financial Conduct Authority implications on the issue of shares and the price of the shares issued?

My client owns 100% of the shares in a company and wishes to issue further shares to colleagues and other individuals. We are aware that there are...

31st Jul

Q&As

Does the collection of mortgage arrears by way of court proceedings for possession of property subject to a mortgage fall within the regulated activity 'administering a regulated mortgage contract' pursuant to article 61(2) Financial Services and Markets Act 2000 (Regulated Activities) Order 2001? If so, are there any exclusions or exemptions which would mean that a person carrying out this kind of activity would not need to be authorised by the Financial Conduct Authority?

Does the collection of mortgage arrears by way of court proceedings for possession of property subject to a mortgage fall within the regulated...

31st Jul

Q&As

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000. There are some limited exemptions to this requirement, for example breakdown insurance which is covered by Article 12 of the Regulated Activities Order. (Q1) Whilst the provider of 'breakdown cover/insurance' could operate under an exemption from carrying out and effecting a contract of insurance (Article 12), would the product ('breakdown cover/insurance') be classified as an insurance product? If so, should the terms and conditions of the ''breakdown cover/insurance' contain FOS rights against the provider, FSCS details? (Q2) If the product is considered to be insurance, will an agent distributing this 'breakdown cover or insurance' be conducting insurance mediation activity and therefore should be appropriately authorised, or make use of the Art 12 exemption?

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000....

31st Jul

Q&As

What does ‘group’ mean in the context of Article 69 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and how would this definition apply where a potential grouping of entities includes a limited liability company and a limited partnership?

What does ‘group’ mean in the context of Article 69 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and...

31st Jul

Q&As

What are some of the key elements in relation to the regulation of credit unions?

What are some of the key elements in relation to the regulation of credit unions?What is a credit union?A credit union is a type of financial services...

Produced in partnership with Scott Ralston 31st Jul

Q&As

Would lending to an individual where the loan is secured by a second charge be viewed as a regulated activity? Would a person carrying on this activity be able to rely on an exemption?

Would lending to an individual where the loan is secured by a second charge be viewed as a regulated activity? Would a person carrying on this...

31st Jul

Q&As

What (if any) significance do the words ‘by way of business’ in section 22 of the Financial Services and Markets Act 2000 actually carry when it comes to the need to get Financial Conduct Authority authorisation for credit broking? Notwithstanding the use of the above words, if credit broking is ancillary to one’s main (non-financial) business, is a credit broking authorisation still required?

What (if any) significance do the words ‘by way of business’ in section 22 of the Financial Services and Markets Act 2000 actually carry when it comes...

31st Jul

Q&As

If an individual lends a sum of money (£40,000) to a friend to assist in the purchase of a property and there is no written agreement in respect of that loan, would the loan be caught by the CCA and would the individual lending the money need to be FCA approved?

If an individual lends a sum of money (£40,000) to a friend to assist in the purchase of a property and there is no written agreement in respect of...

Produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT 31st Jul

Q&As

An individual is proposing to loan £500,000 to a residential developer secured by a legal charge over one of the plots. A company solely owned by the individual is also proposing to make a loan of the same amount secured by a charge over a plot in similar fashion. Is either charge affected or restricted in any way by legislation relating consumer credit or regulated mortgage contracts?

An individual is proposing to loan £500,000 to a residential developer secured by a legal charge over one of the plots. A company solely owned by the...

31st Jul

Q&As

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to an employee also exempt, ie the loan would not be a regulated mortgage contract under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and FCA's Perimeter Guidance manual?

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to...

31st Jul

Q&As

Would a person who operates a platform which allows users to post currency exchange advertisements (eg someone advertises that they want to swap £150 for $200) be carrying out a regulated activity under the Financial Services and Markets Act 2000? The operator of the platform receives no monies and does not get involved in any transaction entered into by the advertiser.

Would a person who operates a platform which allows users to post currency exchange advertisements (eg someone advertises that they want to swap £150...

31st Jul

Q&As

Would a communication to existing shareholders of a private company limited by shares (of which there are 500+) asking them to pass a resolution to disapply rights of pre-emption so that shares in the capital of the company can be issued to a new investor constitute ‘investment activity’ for the purposes of Financial Services and Markets Act 2000 and the Financial Promotions regime?

Would a communication to existing shareholders of a private company limited by shares (of which there are 500+) asking them to pass a resolution to...

Produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT 31st Jul

Q&As

Assuming the 'group exemption' applies under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, Art 69(9), in respect of a UK Co providing investment advice to a Limited Partnership, will the exemption be affected or diminished by the fact that the Limited Partnership is governed by a General Corporate Partner?

Assuming the 'group exemption' applies under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, Art 69(9), in...

31st Jul

Q&As

How can an unregulated parent manage a FCA regulated subsidiary without obtaining authorisation itself?

How can an unregulated parent manage a FCA regulated subsidiary without obtaining authorisation itself?A firm which carries on regulated activities as...

31st Jul

Practice notes

What does 'by way of business' mean?

What does 'by way of business' mean?An activity is only a regulated activity if it is an activity which is carried out by way of business in the UK....

31st Jul

Practice notes

Exclusions applying to several specified kinds of activity

Exclusions applying to several specified kinds of activityBREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act...

31st Jul

Practice notes

Advising on mortgages and home finance transactions

Advising on mortgages and home finance transactionsRegulated activities—generalThe Financial Services and Markets Act 2000 (FSMA 2000) regulates home...

31st Jul

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Regulated activities

View Financial Services by content type:

Latest Financial Services News

European Union and UK government initiatives on money laundering and terrorism finance

Financial Services weekly highlights—29 July 2021

Comment—clearinghouse equivalence countdown begins as UK regulators resign themselves to access expiration

How anti-corruption push affects US companies operating abroad

Featured Financial Services content

European Insurance and Occupational Pensions Authority (EIOPA)

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—objectives and principles

What is credit and what is a regulated consumer credit agreement?

Most recent Regulated activities content

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