http://www.legislation.gov.uk/ukpga/2000/8/section/21/2025-03-03Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-05-30Expert Participation2025-03-03 Part II Regulated And Prohibited Activities Financial promotion Restrictions on financial promotion.211A person (“A”) must not, in the course of business, communicate an invitation or inducement to aengage in investment activity , orbto engage in claims management activity.2But subsection (1) does not apply if—aA is an authorised person; orbthe content of the communication is approved for the purposes of this section by an authorised person.2AThe content of a communication may be approved for the purposes of this section by an authorised person only if the giving of the approval—ais permitted under section 55NA (which enables approval to be given with FCA permission), orbfalls within an exemption conferred by regulations under section 55NB.3In the case of a communication originating outside the United Kingdom, subsection (1) applies only if the communication is capable of having an effect in the United Kingdom.4The Treasury may by order specify circumstances in which a person is to be regarded for the purposes of subsection (1) as—aacting in the course of business;bnot acting in the course of business.5The Treasury may by order specify circumstances (which may include compliance with financial promotion rules) in which subsection (1) does not apply.6An order under subsection (5) may, in particular, provide that subsection (1) does not apply in relation to communications—aof a specified description;boriginating in a specified country or territory outside the United Kingdom;coriginating in a country or territory which falls within a specified description of country or territory outside the United Kingdom; ordoriginating outside the United Kingdom.7The Treasury may by order repeal subsection (3).8“Engaging in investment activity” means—aentering or offering to enter into an agreement the making or performance of which by either party constitutes a controlled activity; orbexercising any rights conferred by a controlled investment to acquire, dispose of, underwrite or convert a controlled investment.9An activity is a controlled activity if—ait is an activity of a specified kind or one which falls within a specified class of activity; andbit relates to an investment of a specified kind, or to one which falls within a specified class of investment.10An investment is a controlled investment if it is an investment of a specified kind or one which falls within a specified class of investment.10A“Engaging in claims management activity” means entering into or offering to enter into an agreement the making or performance of which by either party constitutes a controlled claims management activity.10BAn activity is a “controlled claims management activity” if—ait is an activity of a specified kind,bit is, or relates to, claims management services, andcit is carried on in Great Britain.11Schedule 2 (except paragraph 26) applies for the purposes of subsections (9) and (10) with references to section 22 being read as references to each of those subsections.12Nothing in Schedule 2, as applied by subsection (11), limits the powers conferred by subsection (9) or (10).12AParagraph 25 of Schedule 2 applies for the purposes of subsection (10B) with the references to section 22 in sub-paragraph (3) of that paragraph being read as references to subsection (10B).13“Communicate” includes causing a communication to be made.14“Investment” includes any asset, right or interest (including where an asset, right or interest is, or comprises or represents, a cryptoasset).15“Specified” means specified in an order made by the Treasury.S. 21 wholly in force at 1.12.2001; s. 21 not in force at Royal Assent see s. 431(2); s. 21 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 21 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)S. 21(1) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 6S. 21(1) modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 6S. 21(1) modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 6S. 21(1) modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 6S. 21(2) modified (30.6.2008 for certain purposes, otherwise 1.1.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 8(1)(3)S. 21(2) modified (1.7.2009 for certain purposes, otherwise 30.6.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 34, {Sch. paras. 1, 3}S. 21(2) modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(3)S. 21(1) excluded (3.7.2002) by Welsh Development Agency Act 1975 (c. 70), Sch. 1 para. 21 (as substituted) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 6S. 21(1) excluded (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), regs. 1(2)(3)(4)(6), 14(1) (with reg. 7)S. 21(10A)(10B) inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(3)(b), 37(5); S.I. 2018/1045, reg. 2(a)S. 21(12A) inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(3)(c), 37(5); S.I. 2018/1045, reg. 2(a)Words in s. 21(1) renumbered as s. 21(1)(a) (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(3)(a)(i), 37(5); S.I. 2018/1045, reg. 2(a)S. 21(1)(b) and word inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(3)(a)(ii), 37(5); S.I. 2018/1045, reg. 2(a)S. 21 modified by S.I. 2018/1149, reg. 42 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2)S. 21 modified by S.I. 2018/1149, reg. 58 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3) (as amended by S.I. 2019/1010, regs. 1(3), 4; 2020 c. 1, Sch. 5 para. 1(1))S. 21(2) modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(5)S. 21 modified (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 18 (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 21(14) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 69(2), 86(3); S.I. 2023/779, reg. 4(uu)S. 21(2A) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 20(2), 86(3) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(a)(ii)(3)(4) (with reg. 3)