Regulated activities—specified activities and investments

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This Overview is a guide to the Lexis+® UK Financial Services content within the specified activities and investments subtopic, with links to the appropriate materials. It also looks at some of the main issues effecting credit unions and credit ratings agencies.

The general prohibition

The Financial Services and Markets Act 2000 (FSMA 2000) governs the regulation of financial services and markets in the UK. The general prohibition is central to FSMA 2000. It states that no person may carry on a regulated activity in the UK, or purport to do so, unless they are:

  1. •

    an authorised person, or

  2. •

    an exempt person

A person can breach the general prohibition without actually carrying on a regulated activity by representing themselves as authorised to carry out a regulated activity or by attempting to carry on a regulated activity.

Exemptions and exclusions

This overview focuses on those activities that have been specified as regulated activities (see Specific activities and investments below). It does not consider the exclusions which may apply which would mean an activity is not regulated, nor does it consider the

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Latest Financial Services News

PRA publishes letter on solvency-triggered termination rights in BPA transactions

The Prudential Regulation Authority (PRA) has published a 'Dear Chief Risk Officer' letter by its executive director of insurance supervision, Gareth Truran, to share its view of the potential risks arising from the use of solvency-triggered termination rights clauses (STTRs) in bulk purchase annuity (BPA) transactions and its assessment of how firms are mitigating those risks. The letter follows a thematic review of STTRs, which allow pension scheme counterparties to terminate BPA buy-in arrangements if an insurer’s solvency position falls below a defined threshold. The PRA notes that while these clauses are becoming more common, they may introduce financial and operational risks, particularly in stressed conditions, and could affect firms’ liquidity, asset composition and matching adjustment (MA) portfolios.

FCA announces two individuals sentenced for £1.5m crypto fraud

The Financial Conduct Authority (FCA) has announced that Raymondip Bedi and Patrick Mavanga have been sentenced to a combined 12 years’ imprisonment for their roles in a £1.5m crypto fraud. Between February 2017 and June 2019, the individuals cold-called victims and sold fake investments in crypto consultancy services. At least 65 investors were defrauded, with total losses amounting to £1,541,799. Bedi was sentenced at Southwark Crown Court to five years and four months’ imprisonment, and Mavanga received a sentence of six years and six months. Both had previously pleaded guilty to conspiracy to defraud and conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000. Bedi also admitted to money laundering offences, while Mavanga was additionally convicted of perverting the course of justice. Confiscation proceedings are continuing. The FCA says that it has attempted to contact investors who lost out and has asked any who have not yet been contacted to come forward.

European Commission adopts Delegated Act regarding the use of alternative internal models under the CRR

The European Commission has adopted a Delegated Regulation supplementing Regulation (EU) 575/2013 (Capital Requirements Regulation (CRR)) with regard to regulatory technical standards specifying the conditions for assessing the materiality of extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors. The Delegated Regulation enters into force on the 20th day of its publication in the OJ.

FCA announces two individuals sentenced for £1.5m crypto fraud

The Financial Conduct Authority (FCA) has announced that Raymondip Bedi and Patrick Mavanga have been sentenced to a combined 12 years’ imprisonment for their roles in a £1.5m crypto fraud. Between February 2017 and June 2019, the individuals cold-called victims and sold fake investments in crypto consultancy services. At least 65 investors were defrauded, with total losses amounting to £1,541,799. Bedi was sentenced at Southwark Crown Court to five years and four months’ imprisonment, and Mavanga received a sentence of six years and six months. Both had previously pleaded guilty to conspiracy to defraud and conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000. Bedi also admitted to money laundering offences, while Mavanga was additionally convicted of perverting the course of justice. Confiscation proceedings are continuing. The FCA says that it has attempted to contact investors who lost out and has asked any who have not yet been contacted to come forward.

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