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United Kingdom
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FSA register of insurance intermediaries meaning
Published by a LexisNexis Financial Services expert
What does FSA register of insurance intermediaries mean?
In practice, this refers to the public register used to confirm whether a firm or individual is permitted to act as an insurance intermediary. The phrase “FSA register of insurance intermediaries” is historic: in the UK, the FSA was replaced in 2013 and the relevant source is now the FCA’s Financial Services Register. Under FSMA 2000, anyone carrying on insurance distribution (formerly “insurance mediation”) must be FCA‑authorised or an appointed representative of an authorised firm, and appear on the Register with the correct permissions (for example, arranging, advising, or holding client money). The entry shows status, scope of permissions and disciplinary information, and is routinely checked for compliance, due diligence and transactional risk purposes.
Usage is consistent across England & Wales, Scotland and Northern Ireland (UK FCA regime). In Ireland, the Central Bank of Ireland maintains the Register of Insurance, Reinsurance and Ancillary Insurance Intermediaries under the European Union (Insurance Distribution) Regulations 2018; firms must be authorised and listed there.
The term is a descriptive label; the obligation to maintain and consult the register arises from legislation. Carrying on regulated insurance distribution without appropriate authorisation and registration is unlawful and may attract criminal, regulatory and civil consequences, including potential unenforceability and restitution...
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View the related UK Parliament Acts about FSA register of insurance intermediaries
UK PARLIAMENT ACTS
325 [FCA's] general duty
325 [FCA's] general duty(1) The [FCA] must keep itself informed about—(a) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by members of the professions in relation to which they are established;(b) the way in which such members are carrying on exempt regulated activities.(2) In this Part—“exempt regulated activities” means regulated activities which may, as a result of this Part, be carried on by members of a profession which is supervised and regulated by a designated
UK PARLIAMENT ACTS
326 Designation of professional bodies
(1) The Treasury may by order designate bodies for the purposes of this Part.(2) A body designated under subsection (1) is referred to in this Part as a designated professional body.(3) The Treasury may designate a body under subsection (1) only if they are satisfied that—(a) the basic condition, and(b) one or more of the additional conditions,are met in relation to it.(4) The basic condition is that the body has rules applicable to the carrying on by members of the profession in relation to which it is established of regulated activities which, if
UK PARLIAMENT ACTS
327 Exemption from the general prohibition
(1) The general prohibition does not apply to the carrying on of a regulated activity by a person (“P”) if—(a) the conditions set out in subsections (2) to (7) are satisfied; . . .[(aa) where the activity is the provision of a service listed in [Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001] relating to a financial instrument, the condition set out in subsection (7A) is also satisfied; and](b) there is not in force—(i) a direction under section 328, or(ii) an order under section 329,which prevents
