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 FSMA 2000, s 19 may constitute a criminal offence. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544, art 66 (Chapter XVII) 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, provides for a general exclusion from the scope of regulated activities for ‘[a]ctivities carried on by a provider of relevant goods or services’ concerning ‘connected contract[s] of insurance’. Article 72B is more commonly referred