6.The UK financial services industry accounts for approximately 7 per cent of GDP, employing over 1 million people in the City of London and across the country.
7.Businesses to be authorised and regulated under the Act include:
Banks
Building societies
Insurance companies
Friendly societies
Credit unions
Lloyd’s
Investment and pensions advisers
Stockbrokers
Professional firms offering certain types of investment services
Fund managers
Derivatives traders
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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