Part II Regulated And Prohibited Activities

Requirement for permission

C1I1C2C3C4C5C6C8C720 Authorised persons acting without permission.

C9C101

If an authorised person F6other than a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—

F1a

given to that person under Part 4A, 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 F3FCA under this Act.

C10F51A

If a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission given to the person under Part 4A or resulting from any other provision of this Act, the person is to be taken to have contravened—

a

a requirement imposed by the FCA, and

b

a requirement imposed by the PRA.

F72

A contravention within subsection (1) or (1A)—

a

does not, except as provided by section 23(1A), make a person guilty of an offence,

b

does not, except as provided by section 26A, make any transaction void or unenforceable, and

c

does not, except as provided by subsection (3), give rise to any right of action for breach of statutory duty.

3

In prescribed cases F2a contravention within subsection (1) or (1A) 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.

F44

Subsections (1) and (1A) are subject to section 39(1D).

5

References in this Act to an authorised person acting in contravention of this section are references to the person acting in a way that results in a contravention within subsection (1) or (1A).