In-house lawyers—risk management—financial services
In-house lawyers—risk management—financial services

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

  • In-house lawyers—risk management—financial services
  • How to use this Practice Note
  • The risk for in-house lawyers
  • The financial services market in the UK
  • Who regulates the UK financial services market?
  • Does my firm need to be authorised by the FCA or PRA?
  • What is a regulated activity?
  • Exemptions and exclusions
  • My firm needs to be authorised—what's the process?
  • What fees will my firm need to pay?
  • more

How to use this Practice Note

The terms and definitions used in this Practice Note match those used in the Financial Conduct Authority (FCA) Handbook and Prudential Regulation Authority (PRA) Rulebook (together the Regulators). Companies that are authorised, or seek to be authorised, by the Regulators are referred to in the Rulebook and Handbook as 'firms'. For consistency this term is utilised throughout this Practice Note. A full definition of the term 'firm' can be found in the FCA and PRA Glossary.

This Practice Note is divided into two parts and will allow you to:

  1. decide if your firm is conducting a regulated activity and therefore requires authorisation or a variation of an existing permission

  2. follow the process for obtaining authorisation or submitting an application for a variation of an existing permission

The risk for in-house lawyers

The provision of financial services and products is no longer the preserve of banks and building societies. Due to an expanding and highly competitive market, particularly in relation to the provision of consumer related retail products, it is now possible for non-banking institutions to perform a regulated activity without the appropriate authorisations. As the provision of financial services and the regulated market is so broad, it is very easy for firms whose main source of revenue is not financial