SCHEDULE
PART IV PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIES
F1Freight forwarders and storage firms
50
1
A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) in the circumstances referred to in paragraph 2.
2
The circumstances are—
a
where a freight forwarder (“F”)—
i
holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and
ii
makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or
b
where a storage firm (“S”)—
i
holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and
ii
makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.
3
In this paragraph—
a
“freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;
b
“storage firm” means a person whose principal business is storing goods or arranging storage for goods;
c
“customer” means a person F2... who uses the service of a freight forwarder or storage firm.
Sch. paras. 50, 51 and cross-headings inserted (20.7.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(2), 2(4)