The following Insurance & Reinsurance guidance note Produced in partnership with Jamie Rogers of Hogan Lovells International LLP provides comprehensive and up to date legal information covering:
Pursuant to section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) (the general prohibition), no person may carry on a regulated activity unless authorised by the relevant regulator or exempt. Under FSMA 2000, s 23, breaches of section 19 may constitute a criminal offence.
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, Pt XVII (RAO) sets out exclusions that apply to specified kinds of regulated activity. Their effect is to exclude certain activities from the scope of Regulated Activities for the purposes of FSMA 2000, s 19. For an overview of the different general exclusions that apply, see RAO, SI 2001/544.
RAO, SI 2001/544, art 72B, as amended, transposes the provisions of Article 1(3) of Directive 2016/97/EC, Insurance Distribution Directive (IDD) into English law and provides for a general exclusion from the scope of regulated activities for ‘[a]ctivities carried on by a provider of relevant goods or services’ concerning ‘connected contract[s] of insurance’. Article 72B is more commonly referred to as the Connected Contracts Exclusion.
Note: RAO, SI 2001/544, art 72B previously transposed the provisions of Article 1(2) of Directive 2002/92/EC, Insurance Mediation Directive (IMD) into English law. The IDD came into force on 22 February 2016 and repealed and replaced the IMD. Member States were required to transpose and apply the IDD into
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