What are regulated activities?

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

  • What are regulated activities?
  • Classes of activity and categories of investment
  • Specified activities
  • Specified investments
  • Additional specified activities
  • Exclusions

What are regulated activities?

Under the general prohibition a person cannot carry out a regulated activity, or purport to carry out a regulated activity, in the UK unless they are either:

  1. an authorised person, or

  2. an exempt person

An authorised person can only carry out regulated activities for which they have been given specific permission by the either the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) (depending on the regulated activities carried on) under each regulator's respective authorisation process. For detailed guidance on the process for applying for Part 4A permission from either the FCA or PRA, see Practice Note: FCA and PRA authorisation under Part 4A of FSMA 2000 This Practice Note explains what constitutes regulated activities under the UK regulatory regime.

Classes of activity and categories of investment

An activity is a regulated activity if it is:

  1. an activity of a specified kind which is carried on by way of business, and

  2. relates to a specified investment or property of any kind

In addition, an activity is a regulated activity if it is an activity of a specified kind which is carried on by way of business and relates to:

  1. information about a person's standing, or

  2. administering a benchmark

For more information on the regulation of consumer credit by the FCA, including credit reference agencies who provide information about a person's standing, see Practice Note: Regulated

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