The following Property practice note provides comprehensive and up to date legal information covering:
Residential mortgages provided in the course of a business potentially fall within the Financial Services and Markets Act 2000 (FSMA 2000) general prohibition. Only an authorised person or exempt person (as a result of an exemption order or as an authorised representative) may carry on a 'regulated activity', under FSMA 2000, in the UK. Anyone who contravenes this general prohibition is liable:
on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum of £5,000, or both
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both
If an authorised person carries on a regulated activity, or purports to do so without permission he is take to have contravened a requirement imposed on him by the Financial Conduct Authority (FCA ) under the FSMA 2000. Such a person is only guilty of an offence if he carries on a credit-related regulated activity designated by the Treasury by Order, or purports to do so.
Persons who qualify as authorised persons are listed under FSMA 2000, s 31.
If an unauthorised person enters into an agreement, or an agreement is made through an unauthorised person, in breach of the general prohibition the agreement is unenforceable against the other party who is entitled to recover:
any money or
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Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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