Part XX

Provision of Financial Services by Members of the Professions

Rules in relation to persons to whom the general prohibition does not apply.
332
1
The FCA may make rules applicable to persons to whom, as a result of section 327(1), the general prohibition does not apply.
2
The power conferred by subsection (1) is to be exercised for the purpose of ensuring that clients are aware that such persons are not authorised persons.
3
A designated professional body must make rules—
a
applicable to members of the profession in relation to which it is established who are not authorised persons; and
b
governing the carrying on by those members of regulated activities (other than regulated activities in relation to which they are exempt persons).
4
Rules made in compliance with subsection (3) must be designed to secure that, in providing a particular professional service to a particular client, the member carries on only regulated activities which arise out of, or are complementary to, the provision by him of that service to that client.
5
Rules made by a designated professional body under subsection (3) require the approval of the FCA.
S. 332(3)(b) restricted (1.12.2001) by S.I. 2001/544, arts. 2(1), 13(1); 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. 332 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 16 para. 6 (with Sch. 20); S.I. 2013/423, art. 3, Sch.