CFM14040 - Understanding corporate finance: the legal and regulatory framework: Financial Services and Markets Act 2000: regulated activities

Regulated activities

The Financial Services and Markets Act 2000 gives the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) the power to permit ‘authorised persons’ to carry out ‘regulated activities’. Schedule 2 to FSMA 2000 specifies the activities which constitute ‘regulated activities’. These include, among other things, dealing in investments, deposit taking, safeguarding and administering assets, managing investments, and giving investment advice. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI2001/544) contains more details on these activities.

Essentially, banks, building societies, credit unions, firms providing consumer credit, investment managers, investment exchanges, collective investment schemes, insurance companies and friendly societies, firms handling client monies, mortgage and insurance intermediaries and similar businesses are all subject to regulation and supervision by the PRA and/or the FCA. See their websites for further details.

PRA - https://www.bankofengland.co.uk/prudential-regulation

FCA - https://www.fca.org.uk