C1 Part XX Provision of Financial Services by Members of the Professions
328 Directions in relation to the general prohibition.
1
The F3FCA may direct that section 327(1) is not to apply to the extent specified in the direction.
2
A direction under subsection (1)—
a
must be in writing;
b
may be given in relation to different classes of person or different descriptions of regulated activity.
3
A direction under subsection (1) must be published in the way appearing to the F3FCA to be best calculated to bring it to the attention of the public.
4
The F3FCA may charge a reasonable fee for providing a person with a copy of the direction.
5
The F3FCA must, without delay, give the Treasury a copy of any direction which it gives under this section.
F16
a
that it is desirable to do so in order to protect the interests of clients; F5...
F6b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
In considering whether it is F2satisfied of the matter specified in subsection (6)(a), the F3FCA must have regard amongst other things to the effectiveness of any arrangements made by any designated professional body—
a
for securing compliance with rules made under section 332(1);
b
for dealing with complaints against its members in relation to the carrying on by them of exempt regulated activities;
c
in order to offer redress to clients who suffer, or claim to have suffered, loss as a result of misconduct by its members in their carrying on of exempt regulated activities;
d
for co-operating with the F3FCA under section 325(4).
C3C28
In this Part “clients” means—
a
persons who use, have used or are or may be contemplating using, any of the services provided by a member of a profession in the course of carrying on exempt regulated activities;
b
persons who have rights or interests which are derived from, or otherwise attributable to, the use of any such services by other persons; or
c
persons who have rights or interests which may be adversely affected by the use of any such services by persons acting on their behalf or in a fiduciary capacity in relation to them.
9
If a member of a profession is carrying on an exempt regulated activity in his capacity as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or are or may be contemplating using services provided by that person in his carrying on of that activity.
Pt. 20 modified (E.W.S.) by S.I. 2000/119, Sch. 4 para. 11 (as substituted (1.7.2009 in accordance with art. 1(1)(c) of S.I. 2009/1587) by S.I. 2009/1587, art. 3(11))