PROF 1
Professional firms
PROF 1.1
Application and Purpose
- 01/12/2004
Application
PROF 1.1.1
See Notes
This sourcebook applies as follows:
- (1) PROF 1 to PROF 4 apply to exempt professional firms;
- (2) PROF 5 applies to authorised professional firms; and
- (3) [deleted]
- (4) PROF 7 applies to every designated professional body and every exempt professional firm that is carrying on, or proposing to carry on, insurance mediation activity.
- 01/01/2006
PROF 1.1.1A
See Notes
- 01/11/2007
PROF 1.1.2
See Notes
- 01/12/2001
Purpose
PROF 1.1.3
See Notes
- 01/12/2001
PROF 1.1.4
See Notes
This sourcebook outlines:
- (1) the arrangements for designation of professional bodies;
- (2) the conditions for activities to be treated as exempt regulated activities (see PROF 2.1.3 G);
- (3) the FSA's duty to keep itself informed about how designated professional bodies supervise and regulate the exempt regulated activities of exempt professional firms and how exempt professional firms carry on exempt regulated activities;
- (4) the FSA's power under section 328 of the Act (Directions in relation to the general prohibition) to make a direction to deny the exemption to different classes of person or to different descriptions of regulated activity;
- (5) the implications for an authorised professional firm that carries on an non-mainstream regulated activities; and
- (6) the arrangements made by the FSA for complying with its obligations under the Insurance Mediation Directive in relation to:
- (a) maintaining a record of unauthorised persons, including exempt professional firms, that carry on, or are proposing to carry on, insurance mediation activity; and
- (b) exempt professional firms that wish to passport under the Insurance Mediation Directive.
- 01/11/2007
PROF 1.1.5
See Notes
- 01/12/2001
PROF 1.1.6
See Notes
The rules and guidance in this sourcebook are intended to:
- (1) assist the protection of clients of exempt professional firms by ensuring that the FSA has information which allows it to keep under review the exercise of the direction power under section 328 of the Act (see PROF 1.1.4 G (4));
- (2) secure the appropriate degree of protection for consumers by ensuring that the clients of an exempt professional firm are made aware that the firm is not an authorised person;
- (3) enable the FSA to use its resources in an efficient and effective way in the collection of information relevant to its duty to keep itself informed under section 325 of the Act (Authority's general duty); and
- (4) explain the background to and the arrangements made by the FSA for:
- (a) the registration of unauthorised persons, including exempt professional firms, that carry on, or are proposing to carry on, insurance mediation activity; and
- (b) authorised professional firms and exempt professional firms that wish to exercise their EEA right under the Insurance Mediation Directive to establish a branch or provide cross border services in another EEA State.
- 11/11/2010
PROF 1.1.7
See Notes
- 01/06/2002
PROF 2
Status of exempt professional firm
PROF 2.1
Designated professional bodies and exempt regulated activities
- 01/12/2004
Designated professional bodies
PROF 2.1.1
See Notes
- 01/12/2001
PROF 2.1.2
See Notes
- 01/12/2001
Exempt regulated activities
PROF 2.1.3
See Notes
- 28/08/2007
PROF 2.1.4
See Notes
- 28/08/2007
PROF 2.1.5
See Notes
- 01/12/2001
PROF 2.1.6
See Notes
- 01/12/2001
PROF 2.1.7
See Notes
- 01/12/2001
PROF 2.1.8
See Notes
- 01/12/2001
PROF 2.1.9
See Notes
- 01/12/2001
PROF 2.1.10
See Notes
- 01/12/2001
PROF 2.1.11
See Notes
- 01/12/2001
PROF 2.1.12
See Notes
- 01/12/2001
PROF 2.1.13
See Notes
- 01/12/2001
PROF 2.1.14
See Notes
The FSA considers that to satisfy the condition in section 327(4) regulated activities cannot be a major part of the practice of the firm. The FSA also considers the following further factors to be among those that are relevant:
- (1) the scale of regulated activity in proportion to other professional services provided;
- (2) whether and to what extent activities that are regulated activities are held out as separate services; and
- (3) the impression given of how the firm provides regulated activities, for example through its advertising or other promotions of its services.
- 01/12/2001
PROF 2.1.15
See Notes
- 06/10/2007
PROF 2 Annex 1
Status of exempt professional firm G
- 01/12/2004
PROF 2 Annex 1.1
See Notes
On 28 March 2001 the following professional bodies were designated by the Treasury under section 326(1) of the Act: |
the Law Society of England & Wales |
the Law Society of Scotland |
the Law Society of Northern Ireland |
the Institute of Chartered Accountants in England and Wales |
the Institute of Chartered Accountants of Scotland |
the Institute of Chartered Accountants in Ireland |
the Association of Chartered Certified Accountants |
the Institute of Actuaries. |
On 14 January 2005, the Council for Licensed Conveyancers was designated by the Treasury under section 326(1) of the Act. |
On 10 February 2006, the Royal Institution of Chartered Surveyors was designated by the Treasury under section 326(1) of the Act. |
- 06/07/2006
PROF 2 Annex 2
Status of exempt professional firm G
- 01/12/2004
PROF 2 Annex 2.1
See Notes
Non Exempt activities orders under section 327(6) of the Act (see PROF 2.1.9 G)
As at 31 October 2004, the Treasury had made the following orders under section 327(6): | |
The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001 (SI 2001/1227), as amended by: article 3 of the Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2001 (SI 2001/3650); article 7 of the Financial Services and Markets act 2000 (Regulated activities) (Amendment) Order 2002 (SI 2002/682); article 3 of the Financial Services and Markets Act 2000 (Commencement of Mortgage Regulation) (Amendment) Order 2002 (SI 2002/1777); article 24 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 1) Order 2003 (SI 2003/1475), and article 16 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2003 (SI 2003/1476). |
- 14/01/2005
PROF 3
The FSA's duties and powers
PROF 3.1
The FSA's duty to keep itself informed
- 01/12/2004
PROF 3.1.1
See Notes
Section 325 of the Act (Authority's general duty) imposes on the FSA a duty to keep itself informed about:
- (1) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by exempt professional firms; and
- (2) the way in which exempt professional firms carry on exempt regulated activities.
- 01/12/2001
PROF 3.1.2
See Notes
The FSA keeps itself informed in a number of ways. A designated professional body has a duty under section 325(4) of the Act to cooperate with the FSA. Article 94 of the Regulated Activities Order requires each designated professional body to provide the FSA with the information it needs to maintain a public record of persons that are registered with the FSA to conduct insurance mediation activity. The FSA has made arrangements with each of the designated professional bodies about the information they provide to it, to include information about:
- (1) complaints and redress arrangements;
- (2) complaints volumes and their analysis;
- (3) disciplinary action;
- (4) supervisory activity;
- (5) the activities carried on by exempt professional firms, the risks arising from them and how they are mitigated, for example by monitoring activity or training and competence arrangements; and
- (6) the names and addresses of each of their exempt professional firms that carry on, or are proposing to carry on, insurance mediation activity, together with the details of the individuals within the management of the exempt professional firms who are responsible for the insurance mediation activity and, where relevant, the passporting information required by the FSA for the purposes of paragraph 25 of Schedule 3 to the Act (EEA Passport Rights).
- 01/12/2001
PROF 3.1.3
See Notes
- 01/12/2001
PROF 3.2
The FSA's power to make a direction
- 01/12/2004
PROF 3.2.1
See Notes
- 14/01/2005
PROF 3.2.2
See Notes
If the FSA gives a direction in relation to specified classes of person, then any person within those classes may be in contravention of the general prohibition unless:
- (1) it ceases to carry on regulated activities; or
- (2) it is an authorised person; or
- (3) it is an exempt person.
- 01/12/2001
PROF 3.2.3
See Notes
- 01/12/2001
PROF 3.2.4
See Notes
- 01/12/2001
PROF 3.2.5
See Notes
- (1) The FSA may exercise its direction powers under section 328(6) of the Act in two situations, as set out in (2) and (3).
- (2) First, the FSA may exercise its direction power under section 328(6)(a) of the Act if it is satisfied that it is desirable in order to protect the interests of clients. In considering whether it is satisfied, the FSA is required by section 328(7) of the Act to have regard, among other things, to the effectiveness of any arrangements made by a designated professional body:
- (a) for securing compliance with rules made under section 332(1) of the Act (see PROF 4.1.1 G);
- (b) for dealing with complaints against its members in relation to the carrying on by them of exempt regulated activities (see PROF 4.1.4 G (2)(d));
- (c) in order to offer redress to clients who suffer, or claim to have suffered, loss as a result of misconduct by its members in their carrying on of exempt regulated activities (see PROF 4.1.4 G (2)(d)); and
- (d) for cooperating with the FSA under section 325(4) of the Act (see PROF 3.1.2 G).
- (3) Second, the FSA may exercise its direction power under section 328(6)(b) of the Act if it is satisfied that it is necessary to do so in order to comply with an obligation imposed by the Insurance Mediation Directive. For example, the FSA might wish to do so if it was not receiving from a designated professional body the information it needs to maintain the FSA Register (see PROF 7.1).
- 01/11/2007
PROF 3.2.6
See Notes
- 14/01/2005
PROF 3.2.7
See Notes
- 14/01/2005
PROF 3 Annex 1
The FSA's duties and powers G
- 01/12/2004
See Notes
As at 31 October 2004, the FSA had made no directions under section 328(6)(a) of the Act. |
- 14/01/2005
PROF 3 Annex 2
The FSA's duties and powers G
- 14/01/2005
See Notes
As at 31 October 2004, the FSA had made no directions under section 328(6)(b) of the Act. |
- 14/01/2005
PROF 4
Disclosure
PROF 4.1
Disclosure rules
- 01/12/2004
PROF 4.1.1
See Notes
- 15/01/2005
PROF 4.1.2
See Notes
An exempt professional firm must avoid making any representation to a client that:
- (1) it is authorised under the Act or regulated by the FSA; or
- (2) the regulatory protections provided by or under the Act to a person using the services of an authorised person are available.
- 01/12/2001
PROF 4.1.3
See Notes
- (1) An exempt professional firm must, before it provides a service which includes the carrying on of a regulated activity in the United Kingdom, other than an insurance mediation activity, with or for a client, disclose in writing to the client in a manner that is clear, fair and not misleading that it is not authorised under the Act.
- (2) An exempt professional firm, must, before it provides a service which includes the carrying on of an insurance mediation activity with or for a client, make the following statement in writing to the client in a way that is clear, fair and not misleading and no less prominent than any other information provided to the client at the same time:
- 15/01/2005
PROF 4.1.4
See Notes
- (1) The FSA considers that material provided to satisfy PROF 4.1.3 R (1) and PROF 4.1.3R (2) need not be tailored to the individual client. The disclosures in PROF 4.1.3 R (1) and PROF 4.1.3R (2) may be provided alongside or integrated with other material provided to a client. Exempt professional firms may therefore include the information within engagement letters or client care letters, if they wish.
- (2) The FSA considers that it is important that clients understand the implications for them of receiving services from an exempt professional firm that is not authorised under the Act. It is also important that clients understand the implications of the difference between authorisation under the Act and being on the register maintained by the FSA, so that the exempt professional firm can conduct insurance mediation activity, in relation to which activity the regulatory protections established by the Act for the benefit of consumers will not apply. The FSA therefore expects designated professional bodies to make rules covering the information to be provided to clients. These rules should require exempt professional firms to make a disclosure to clients containing the following elements:
- (a) where the exempt professional firm conducts a regulated activity other than an insurance mediation activity, a statement that the exempt professional firm is not an authorised person;
- (b) the nature of the regulated activities carried on by the exempt professional firm, and the fact that they are limited in scope;
- (c) a statement that the exempt professional firm is regulated for these regulated activities by the exempt professional firm's designated professional body, identifying the designated professional body concerned;
- (d) the nature of the complaints and redress mechanisms available to clients in respect of these regulated activities; and
- (e) where the regulated activity consists of insurance mediation activity, the statement contained at PROF 4.1.3 R (2).
- (3) Exempt professional firms should also ensure that any statement that makes reference to the FSA does not lead a client to suppose that the FSA has direct regulatory responsibility for the exempt professional firm. This could be a breach of PROF 4.1.2 R. This consideration is particularly important in relation to insurance mediation activity, where clients may well fail to appreciate the difference between authorisation under the Act and being included on the register maintained by the FSA so as to permit the exempt professional firm to carry on insurance mediation activity.
- 15/01/2005
PROF 4.1.5
See Notes
- 01/12/2001
PROF 5
Non-mainstream regulated activities
PROF 5.1
Application and purpose
- 01/12/2004
Application
PROF 5.1.1
See Notes
- 01/12/2001
Purpose
PROF 5.1.2
See Notes
This chapter:
- (1) contrasts "exempt regulated activities" with "non-mainstream regulated activities";
- (2) sets out the conditions which must be satisfied for a regulated activity of an authorised professional firm to constitute a non-mainstream regulated activity;
- (3) refers to other parts of the Handbook in which provisions are disapplied or modified in relation to authorised professional firms when carrying on non-mainstream regulated activities;
- (4) gives effect to the Distance Marketing Regulations with respect to the non-mainstream regulated activities of authorised professional firms.
- 09/10/2004
Exempt regulated activities contrasted with non-mainstream regulated activities
PROF 5.1.3
See Notes
- (1) The FSA's policy is designed to provide so far as possible a level playing field for authorised and unauthorised members of the professions in relation to the carrying on of similar activities.
- (2) Subject to conditions (see PROF 2), members of designated professional bodies that are not authorised can carry on particular regulated activities, known as exempt regulated activities, and obtain the benefit of the exemption under section 327 of the Act from the general prohibition.
- (3) In contrast, non-mainstream regulated activities are particular regulated activities carried on by an authorised professional firm. If the professional firm were not authorised under the Act, these same activities would be exempt regulated activities which, if the firm could meet the necessary conditions in section 327, would enable it to benefit from the section 327 exemption.
- (4) Therefore, a number of provisions of the Handbook (see PROF 5.3) have been disapplied or modified in respect of these non-mainstream regulated activities of authorised professional firms.
- 01/12/2001
PROF 5.1.4
See Notes
- 01/12/2001
PROF 5.2
Nature of non-mainstream regulated activities
- 01/12/2004
Conditions for non-mainstream regulated activity
PROF 5.2.1
See Notes
A "non-mainstream regulated activity" is a regulated activity of an authorised professional firm in relation to which the following conditions are satisfied:
- (1) the firm must not receive from a person other than his client any pecuniary reward or other advantage, for which he does not account to his client, arising out of the carrying on of the regulated activity;
- (2) the manner of the provision by the firm of any service in the course of carrying on the regulated activity must be incidental to the provision by it of professional services (see PROF 5.2.2 R);
- (3) the regulated activity must not be of a description, or relate to an investment of a description, specified in The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001 (SI 2001/1227) or in any other order made by the Treasury under section 327(6) of the Act (see PROF 2 Annex 2 GG);
- (4) there must not be in force any direction under section 328 of the Act (Directions in relation to the general prohibition) in relation to:
- (a) a class of person which would have included the firm were it not an authorised person; or
- (b) a description of regulated activity which includes the regulated activity the firm proposes to carry on; and
- (5) the regulated activity must be an activity which exempt professional firms which are members of the same designated professional body as the authorised professional firm are permitted to carry on under rules made by that body as required by section 332(3) of the Act.
- 20/09/2001
PROF 5.2.2
See Notes
In PROF 5.2.1 R (2), "professional services" means services:
- (1) which do not constitute a regulated activity; and
- (2) the provision of which is supervised and regulated by a designated professional body.
- 01/12/2001
PROF 5.3
Reference to other sourcebooks and manuals
- 01/12/2004
Introduction
PROF 5.3.1
See Notes
- 31/10/2004
General provisions
PROF 5.3.1A
See Notes
- 01/03/2003
Conduct of business sourcebook
PROF 5.3.2
See Notes
COBS 18.11 provides that COBS does not apply to an authorised professional firm with respect to its non-mainstream regulated activities, except for:
- (1) the fair, clear and not misleading rule;
- (1A) the financial promotion rules, but only in limited circumstances;
- (2) (where these are insurance mediation activities) COBS 7 (Insurance mediation) unless:
- (a) the designated professional body of the firm has made rules which implement some or all of articles 12 and 13 of the Insurance Mediation Directive;
- (b) those rules have been approved by the FSA under section 332(5) of the Act; and
- (c) the firm is subject to the rules in the form in which they were approved;
- (3) COBS 8.1.3 R (Client agreements), except for the requirement to provide information on conflicts of interest; and
- (4) COBS 5.2 (E-commerce).
- 06/02/2008
Training and Competence sourcebook
PROF 5.3.3
See Notes
- 01/11/2007
PROF 5.3.4
See Notes
- 01/01/2007
Supervision manual
PROF 5.3.5
See Notes
- 01/12/2001
Dispute resolution: Complaints sourcebook
PROF 5.3.6
See Notes
- 06/04/2008
Market Conduct sourcebook
PROF 5.3.7
See Notes
- 20/09/2001
Mortgages: Conduct of business sourcebook
PROF 5.3.8
See Notes
- 06/08/2009
PROF 5.3.9
See Notes
- 01/11/2007
Insurance: Conduct of Business sourcebook
PROF 5.3.10
See Notes
- (1) ICOBS does not apply to an authorised professional firm with respect to its non-mainstream regulated activities (see ICOBS 1 Ann 1, Part 1, 3.1R, except for:
- (a) the provisions on communications to clients and financial promotions (ICOBS 2.2);
- (b) the e-commerce provisions (ICOBS 3.2);
- (c) status disclosure requirements in relation to complaints procedures (ICOBS 4.1); and
- (d) provisions in ICOBS which implement articles 12 and 13 of the Insurance Mediation Directive (ICOBS 4.1 and ICOBS 5.2.3 R), except to the extent that the firm is subject to equivalent rules of its designated professional body which have been approved by the FSA.
- (2) [deleted]
- 06/01/2008
PROF 5.4
Application of the Distance Marketing Regulations
- 01/12/2004
PROF 5.4.1
See Notes
- (1) In addition to those provisions of the Distance Marketing Regulations which apply directly, an authorised professional firm must, with respect to its non-mainstream regulated activities, comply with regulations 7 to 11 and 15 of the Distance Marketing Regulations. Those regulations have effect to cancel distance contracts the making or performance of which by such firms constitutes a non-mainstream regulated activity.
- (2) Paragraph (1) does not apply in relation to regulations 7 to 8 and 15 if the designated professional body of the authorised professional firm has rules equivalent to some or all of those regulations and:
- (a) those rules have been approved by the FSA under section 332(5) of the Act; and
- (b) the authorised professional firm is subject to those rules in the form in which they have been approved;
- in which case those regulations are disapplied to the extent that they are implemented by the rules of the designated professional body.
- 01/11/2007
PROF 5.4.2
See Notes
- 09/10/2004
PROF 6
Fees
PROF 6.1
[deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4]
- 01/01/2006
PROF 6.2
[deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4]
- 01/01/2006
PROF 6.3
[deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4]
- 01/01/2006
PROF 6 Annex 1
[deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4]
- 01/01/2006
PROF 7
Insurance mediation activity
PROF 7.1
Register of persons carrying on insurance mediation activity
- 14/01/2005
Background
PROF 7.1.1
See Notes
- 01/11/2007
The FSA's obligation to maintain a record
PROF 7.1.2
See Notes
- 14/01/2005
PROF 7.1.3
See Notes
The FSA is not to include an exempt professional firm in the register relating to unauthorised persons if:
- (1) under a direction given by the FSA under section 328(1) of the Act, section 327(1) of the Act does not apply in relation to the carrying on by it of insurance mediation activity; or
- (2) the FSA has made an order under section 329(2) of the Act disapplying section 327(1) of the Act in relation to the carrying on by the exempt professional firm of insurance mediation activity.
- 14/01/2005
Provision of information to the FSA
PROF 7.1.4
See Notes
- 14/01/2005
Financial Services sand Markets Act 2000 (Professions) (Non-Exempt) Activities Order 2001 (SI 2001/1227)
PROF 7.1.5
See Notes
- (1) The attention of exempt professional firms is drawn to the significance of The Financial Services and Markets Act 2000 (Professions) (Non-Exempt) Activities Order 2001 (SI 2001/1227), as amended by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2003 (SI 2003/1476). The effect of these amendments is that exempt professional firms may not carry on certain regulated activities which relate to a contract of insurance in reliance on the Part XX exemption unless the exempt professional firm is included in the record of unauthorised persons carrying on insurance mediation activity maintained by the FSA under article 93 of the Regulated Activities Order.
- (2) Each exempt professional firm carrying on, or proposing to carry on, insurance mediation activity should ensure that at all material times the name of the firm and the requisite details are included in the record maintained by the FSA. Any such exempt professional firm carrying on, or proposing to carry on, insurance mediation activity whose name does not appear in the record maintained by the FSA is likely to be breaching the general prohibition which is a criminal offence under section 23 of the Act.
- 14/01/2005
FSA Register
PROF 7.1.6
See Notes
- 14/01/2005
PROF 7.1.7
See Notes
The information to be included on the record in relation to exempt professional firms will, as required by the Insurance Mediation Directive, include details of:
- (1) the name and address of each exempt professional firm that carries on, or is proposing to carry on, insurance mediation activity;
- (2) where the exempt professional firm is not an individual, the names of the individuals within the management of the exempt professional firm who are responsible for the insurance mediation activity; and
- (3) each EEA State in which the exempt professional firm under an EEA right derived from the Insurance Mediation Directive:
- (a) has established a branch; or
- (b) is providing cross border services.
- 01/11/2007
FSA Website
PROF 7.1.8
See Notes
- 14/01/2005
PROF 7.2
Passporting under the Insurance Mediation Directive
- 14/01/2005
PROF 7.2.1
See Notes
- 01/11/2007
PROF 7.2.2
See Notes
- 01/11/2007
PROF 7.2.3
See Notes
- 01/11/2007
PROF 7.2.4
See Notes
- 01/11/2007
Transitional Provisions and Schedules
PROF TP 1
Transitional provisions
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
1 | PROF 4.1.2 R | G | The FSA considers that the issue by an exempt professional firm of a letter to a client on a letterhead that includes a statement that it is "authorised" will be in breach of PROF 4.1.2 R. This includes a statement such as: 'This firm is authorised in the conduct of investment business by [name of recognised professional body] under the Financial Services Act 1986.' However, an exempt professional firm which has been authorised for investment business by a recognised professional body under the Financial Services Act 1986 may continue to use stocks of notepaper and other material that discloses its status under that act, provided that it strikes through the disclosure statement. | From commencement | Commencement |
2 | PROF | G | General transitional provisions GEN contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. |
From commencement | Commencement |
- 01/12/2004
PROF Sch 1
Record keeping requirements
- 01/12/2004
PROF Sch 1.1
See Notes
There are no record keeping requirements in PROF. |
- 01/12/2004
PROF Sch 2
Notification requirements
- 01/12/2004
PROF Sch 2.1
See Notes
There are no notification or reporting requirements in PROF. |
- 01/12/2004
PROF Sch 3
Fees and other required payments
- 01/12/2004
PROF Sch 3.1
See Notes
There are no requirements for fees or other payments in PROF. |
- 01/12/2004
PROF Sch 4
Powers exercised
- 01/12/2004
PROF Sch 4.1
See Notes
- 01/12/2004
PROF Sch 4.2
See Notes
- 01/12/2004
PROF Sch 5
Rights of action for damages
- 01/12/2004
PROF Sch 5.1
See Notes
The table below sets out the rules in PROF contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
- 01/12/2004
PROF Sch 5.2
See Notes
If a "YES" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001 No. 2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
- 01/12/2004
PROF Sch 5.3
See Notes
The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 01/12/2004
PROF Sch 5.4
See Notes
Right of action under section 150 | |||||
Chapter/Appendix | Section/Annex | Paragraph | For private person? | Removed? | For other person? |
PROF 5.2.1 R Conditions for non-mainstream regulated activity | Yes | No | No |
- 01/12/2004
PROF Sch 6
Rules that can be waived
- 01/12/2004
PROF Sch 6.1
See Notes
As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. |
- 06/01/2011