Q&As

Would a person who operates a platform which allows users to post currency exchange advertisements (eg someone advertises that they want to swap £150 for $200) be carrying out a regulated activity under the Financial Services and Markets Act 2000? The operator of the platform receives no monies and does not get involved in any transaction entered into by the advertiser.

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Published on LexisPSL on 11/08/2016

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Would a person who operates a platform which allows users to post currency exchange advertisements (eg someone advertises that they want to swap £150 for $200) be carrying out a regulated activity under the Financial Services and Markets Act 2000? The operator of the platform receives no monies and does not get involved in any transaction entered into by the advertiser.

Would a person who operates a platform which allows users to post currency exchange advertisements (eg someone advertises that they want to swap £150 for $200) be carrying out a regulated activity under the Financial Services and Markets Act 2000? The operator of the platform receives no monies and does not get involved in any transaction entered into by the advertiser.

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) (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

Activities that are specified as regulated activities are set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). For more information about the carrying of regulated activities generally, see Practice Note: What are regulated activities?

Of particular relevance to this Q&A is the regulated activity of arranging. The

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