The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544
Produced in partnership with Jamie Rogers of Hogan Lovells
The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544

The following Insurance & Reinsurance practice note produced in partnership with Jamie Rogers of Hogan Lovells provides comprehensive and up to date legal information covering:

  • The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544
  • The general prohibition
  • Who does Article 72B—the Connected Contracts Exclusion apply to?
  • What is a Connected Contract of Insurance?
  • Which regulated activities does the Connected Contracts Exclusion apply to?
  • Practical considerations
  • Additional requirements for insurance firms distributing through ancillary insurance intermediaries

The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit—Insurance & Reinsurance—overview.

The general prohibition

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

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