The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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:
an authorised person, or
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 Notes: Financial Conduct Authority—authorisation and Prudential Regulation Authority—authorisation. This Practice Note explains what constitutes regulated activities under the UK regulatory regime.
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 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:
information about a person's standing
the setting of a specified benchmark, or
administering a benchmark
For more information on the regulation of consumer credit by the FCA, including credit reference agencies who provide information about a
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