Exclusions specifically applying to accepting deposits, e-money and home finance transactions

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

  • Exclusions specifically applying to accepting deposits, e-money and home finance transactions
  • The general prohibition
  • Accepting deposits
  • Sums paid by certain persons
  • Sums received by persons acting for specified purposes
  • Sums received in consideration for the issue of debt securities
  • Sums received in exchange for electronic money
  • Funds received for payment services
  • Issuing e-money exclusions
  • Home finance transactions
  • More...

Exclusions specifically applying to accepting deposits, e-money and home finance transactions

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

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