Part II Regulated And Prohibited Activities

Requirement for permission

C1I1C2C3C4C5C620 Authorised persons acting without permission.

1

If an authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—

a

given to him by the Authority under Part IV, or

b

resulting from any other provision of this Act,

he is to be taken to have contravened a requirement imposed on him by the Authority under this Act.

2

The contravention does not—

a

make a person guilty of an offence;

b

make any transaction void or unenforceable; or

c

(subject to subsection (3)) give rise to any right of action for breach of statutory duty.

3

In prescribed cases the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.