Part XX

Provision of Financial Services by Members of the Professions

Orders in relation to the general prohibition.
329
1
Subsection (2) applies if it appears to the FCA that a person to whom, as a result of section 327(1), the general prohibition does not apply is not a fit and proper person to carry on regulated activities in accordance with that section.
2
The FCA may make an order disapplying section 327(1) in relation to that person to the extent specified in the order.
3
The FCA may, on the application of the person named in an order under subsection (1), vary or revoke it.
4
“Specified” means specified in the order.
5
If a partnership is named in an order under this section, the order is not affected by any change in its membership.
6
If a partnership named in an order under this section is dissolved, the order continues to have effect in relation to any partnership which succeeds to the business of the dissolved partnership.
7
For the purposes of subsection (6), a partnership is to be regarded as succeeding to the business of another partnership only if—
a
the members of the resulting partnership are substantially the same as those of the former partnership; and
b
succession is to the whole or substantially the whole of the business of the former partnership.
S. 329(1) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(4); S.I. 2001/3538, art. 2(1)
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))
Word in s. 329 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 16 para. 3 (with Sch. 20); S.I. 2013/423, art. 3, Sch.