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The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001
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- UK Statutory Instruments
- 2001 No. 1227
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order specifies under section 327(6) of the Financial Services and Markets Act 2000 (“the Act”) certain regulated activities which do not fall within the exemption under Part XX of the Act (provision of financial services by members of the professions) from the general prohibition under section 19 of the Act. Section 19 prohibits persons who are not authorised or exempt from carrying on any regulated activity in the United Kingdom. A regulated activity is an activity of a kind specified by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 which is carried on by way of business in relation to an investment of a kind also specified by that Order.
Articles 1 and 2 make provision for the citation, commencement and interpretation of the Order.
Article 3 specifies the activities in articles 4 to 8.
Article 4 covers accepting deposits; effecting and carrying out contracts of insurance; dealing as principal; various activities connected with the running of collective investment schemes and stakeholder pension schemes; acting as a managing agent at Lloyd's; entering into funeral plan contracts and mortgage lending.
Article 5 covers the circumstances in which the activity of managing investments is specified.
Article 6 covers the circumstances in which the activity of advising on investments is specified.
Article 7 covers the circumstances in which advice to someone to become a member of a Lloyd’s syndicate is specified.
Article 8 covers agreements to carry on certain activities.
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