Exclusions applying to specified activities relating to insurance
Exclusions applying to specified activities relating to insurance

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Exclusions applying to specified activities relating to insurance
  • The general prohibition
  • Effect of the Insurance Distribution Directive on exclusions
  • Effecting and carrying out contracts of insurance
  • Dealing in certain contracts of insurance as principal or as agent
  • Exclusions for arranging deals in contracts of insurance
  • Managing investments
  • Assisting in the administration and performance of contracts of insurance
  • Advising on contracts of insurance

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure the effective continuation of legislation in the UK after Exit Day (in the event of a no-deal Brexit), it is necessary for numerous statutory instruments to be made. One of these is the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (SI 2019/632). SI 2019/632, Pt 3 contains amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). In addition, the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, SI 2019/710, Pt 3 proposes minor amendments to the RAO. The parts of both Regulations relating to the RAO will come into force on Exit Day.

The general prohibition

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK unless that person is authorised or exempt. This is known as the general prohibition. For information about the territorial scope of the general prohibition, see Practice Note: Territorial scope of the prohibition.

An authorised person is a person who:

  1. has been given permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Pt 4A to carry on certain