Financial Services Act 2012

Glossary of Terms and Expressions

authorised person	Section 31 of FSMA (as amended by the Act) defines an authorised person as: a person who has permission under Part 4A of FSMA to carry on one or more regulated activities an EEA firm qualifying for authorisation under Schedule 3 to FSMA a Treaty firm qualifying for authorisation under Schedule 4 to FSMA a person who is otherwise authorised by or under FSMA (for example, an operator, trustee or depositary or a recognised collective investment scheme; see paragraph 1(1) of Schedule 5 to FSMA)
the Bank	The Bank of England
BoE Act	The Bank of England Act 1998
CCA	The Consumer Credit Act 1974
EEA firm	Paragraph 5 of Schedule 3 to FSMA defines as EEA firm as: an investment firm as defined in the Markets in Financial Instruments Directive (Directive 2004/39/EC) a credit institution as defined in the Banking Consolidation Directive (Directive 2006/48/EC) a financial institution as defined in the Banking Consolidation Directive (Directive 2006/48/EC) which is a subsidiary of a kind mentioned in Article 24 of that Directive an undertaking pursing the activity of direct insurance as defined in the Life Assurance Consolidation Directive (Directive 2002/83/EC) or the First Non-Life Insurance Directive (Directive 73/239/EC) which has received authorisation from its home state regulator an undertaking pursing the activity of reinsurance as defined in the Reinsurance Directive (Directive 2005/68/EC) which has received authorisation from its home state regulator an insurance intermediary as defined in the Insurance Mediation Directive (Directive 2002/92/EC) which is registered with its home state regulator a management company as defined in the UCITS Directive (Directive 2009/65/EC) which is registered by its home state regulator
	An EEA firm must not have its head office (or, in the case of an insurance intermediary, its registered office) in the United Kingdom.
	Paragraphs 12 to 18 of Schedule 3 to FSMA set out the circumstances in which an EEA firm is authorised to establish a branch or provide services in the UK.
FCA	The Financial Conduct Authority
FOS	The Financial Ombudsman Service
FPC	The Financial Policy Committee of the Bank of England
FSA	The Financial Services Authority
FSCS	The Financial Services Compensation Scheme
FSMA	The Financial Services and Markets Act 2000
OFT	The Office of Fair Trading
PRA	The Prudential Regulation Authority
PRA-authorised person	See new section 2B(5) of FSMA (inserted by section 6 of the Act): a PRA-authorised person is an authorised person who has permission to carry on regulated activities which consist of or include one or more PRA-regulated activities (i.e. regulated activities specified in an order made by the Treasury under new section 22A)
regulated activity	Activity of a kind specified by order made by the Treasury under section 22 of FSMA; see, for example, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, S.I. 2001/544
the regulators	The FCA and the PRA
Treaty firm	Paragraph 1 of Schedule 4 to FSMA defines a Treaty firm as one whose head office is situated in an EEA State other than the United Kingdom and which is recognised under the law of that State as a national of that State.
	Paragraphs 2 to 3 of that Schedule set out the circumstances in which a Treaty firm is authorised to carry on a regulated activity.
the Tribunal	The Upper Tribunal
UKLA	United Kingdom Listing Authority (the name under which the FSA operates in discharging its functions relating to official listing and other matters under Part 6 of FSMA.