The following Financial Services Q&A provides comprehensive and up to date legal information covering:
Under the general prohibition contained in section 19 of the Financial Services and Markets Act 2000, a person cannot carry out a regulated activity, or purport to carry out a regulated activity, in the UK unless they are either:
an authorised person, or
an exempt person
An activity is a regulated activity if it is:
an activity of a specified kind which is carried on by way of business, and
relates to a specified investment or property of any kind
For more information about carrying on regulated activities in the UK by way of business, see Practice Notes:
What are regulated activities?
What does 'by way of business' mean?
Territorial scope of the general prohibition
As you can see from Practice Note: What are regulated activities?, there are regulated activities contained in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544 related to regulated mortgage contract
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