The following Financial Services Q&A provides comprehensive and up to date legal information covering:
Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA)), or an exempt person (eg by being an appointed representative). For an overview of the regulated activities regime in the UK, see the Practice Note: What are regulated activities? from our Lexis®PSL Financial Services module.
As you can see in this Note, activities are regulated if they are of a 'specified kind' (ie specified by the Financial Services and
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