32 Partnerships and unincorporated associations
32 Partnerships and unincorporated associations

(1)     If a firm is authorised—

(a)     it is authorised to carry on the regulated activities concerned in the name of the firm; and

(b)     its authorisation is not affected by any change in its membership.

(2)     If an authorised firm is dissolved, its authorisation continues to have effect in relation to any [individual or] firm which succeeds to the business of the dissolved firm.

[(3)     For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.]

(4)     “Firm” means—

(a)     a partnership; or

(b)     an unincorporated association of persons.