General authorisation meaning

This Checklist sets out core topics for firms entering consumer credit, addressing essential management and compliance matters within the Financial Conduct Authority (FCA) framework. It organises themes such as authorisation, threshold conditions, the Senior Managers and Certification Regime (SM&CR), systems and controls, business planning, FCA Principles, the Consumer Duty and continuing regulatory duties, including adherence to the Consumer Credit sourcebook (CONC) and the Consumer Credit Act 1974 (CCA 1974). For fuller guidance, including how the application process works, see Practice Note: FCA authorisation of consumer credit firms. Scope and regulatory status Do the firm’s activities amount to regulated consumer credit activities under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)? See Practice Notes: The general prohibition and implications of its breach and Regulated activities relating to consumer credit Does the firm offer (or plan to offer) buy now pay later (BNPL)/deferred payment credit (DPC) style products?...

This checklist outlines matters a potential buyer (and its advisers) ought to weigh up when acquiring the share capital or business assets of a firm authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under the Financial Services and Markets Act 2000 (FSMA 2000), or authorised or registered by the FCA under the Payment Services Regulations 2017, SI 2017/752 (PSRs 2017). It is designed to help purchasers compile a due diligence questionnaire and to flag other central elements of the transaction. It is not exhaustive and additional considerations may arise. Due diligence Authorisations and licences Review the Financial Services Register for the target’s FCA or PRA authorisation under FSMA 2000 and the scope of permissions attached to that authorisation, or for FCA authorisation or registration under the PSRs 2017; also confirm the authorisations and permissions of any group entities. Verify that activities undertaken by the target (and any group members) align with the permissions recorded on the Financial Services Register... ...

SM&CR Compliance—Checklist Note: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform, with Phase Two to follow, subject to legislative changes under HM Treasury consultation. Final Phase One requirements are expected mid-2026, with any Phase Two consultations dependent on HMT legislation. See News Analysis: Reform of the SM&CR—Proposals and next steps. Overview The Senior Managers and Certification Regime (SM&CR) is the UK framework governing individuals working in financial services. It aims to widen personal liability, prioritising senior management accountability and fostering a firm-wide culture of responsibility to reduce consumer harm and reinforce market integrity. The regime comprises: Senior Managers Regime (SMR) – ensures Senior Managers can be held to account for misconduct within their remits. Certification Regime – applies standards of conduct to individuals working in financial services. Conduct Rules – set conduct...

Background to and scope of this flowchart An individual who conducts a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For details and context on the consequences of carrying on a regulated activity without authorisation, consult Practice Note: The general prohibition and implications of its breach. For an explanation of what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For guidance on exemptions and exclusions that may apply in particular circumstances, refer to Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction...

Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, anyone who carries on a regulated activity in the UK in the course of business, without an applicable exclusion or exemption, must hold authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This requirement is referred to as the general prohibition. For further detail on the general prohibition and the scope of regulated activities, consult the Practice Notes: The general prohibition and implications of its breach, and What are regulated activities? This flowchart is intended to assist in deciding whether a person is undertaking the regulated activities of effecting and carrying out contracts of insurance as principal, pursuant to article 10(1) and (2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). Any references here to PERG are to the FCA’s Perimeter Guidance Manual, which provides regulatory guidance within the FCA Handbook. It serves as a guide to the FCA Handbook...

This decision tree outlines a logical route for deciding whether you can carry out live telephone marketing and, if permitted, who you may contact. For guidance on other forms of marketing, see: Direct marketing decision tree—postal—data protection and Direct marketing decision tree—email and other electronic mail marketing—data protection. Direct marketing refers to the communication (by any means) of advertising or promotional material directed at specific individuals. Live or automated telephone calls? This decision tree is not intended for automated calls, as the rules governing automated calls are far more stringent than those for live calls. You must not make automated marketing calls to an individual unless they have given explicit consent to receive that precise type of call from you. General marketing consent, or consent applicable only to live calls, is insufficient—it must expressly include automated calls. Consequently, there is little value in a decision tree for automated marketing calls—this tree covers live marketing calls only. See Practice Note: Direct marketing compliance—Automated calls. Claims management services ...

What is the US Foreign Extortion Prevention Act (or FEPA) and when did it come into force? On 22 December 2023, President Biden enacted the FEPA, after its approval by the US Congress as part of the Fiscal Year 2024 national defence authorisation legislation. The law reflects the President’s sustained commitment to confronting global corruption as a national security priority. It requires the US Attorney General to deliver an annual, publicly accessible report to Congress summarising major Department of Justice (DOJ) actions under FEPA, enabling Congress (and the public) to assess the effectiveness of the DOJ’s enforcement efforts year on year. That disclosure duty is expected to heighten pressure on the DOJ to bring cases in practice. FEPA widens the scope and reach of US anti‑bribery and corruption laws by expanding bribery offences to capture the ‘demand side’—including requests or solicitations—and by covering individuals acting in an unofficial capacity for relevant agencies and entities. It offers another tool for US regulators to initiate enforcement proceedings involving US interests and...

In this issue: Medical devices Intellectual property Data protection and life sciences Pharmaceuticals—regulatory framework Research and development Competition in life sciences Daily and weekly news alerts New and updated content Trackers Useful information Medical devices Government supports new UK medical device rules following consultation The Medicines and Healthcare products Regulatory Agency (MHRA) has issued the government’s concluding response to its consultation on planned updates to medical device legislation, setting out future pathways to market for medical devices. The government will advance three principal changes: adopting an international reliance framework, removing the UKCA marking requirement once devices carry unique device identification (UDI), and revising the classification of in vitro diagnostic (IVD) devices. Collectively, these measures are intended to modernise oversight while promoting innovation and protecting patient safety. See: LNB News 23/07/2025 14. AI developers, users see EU’s guidelines on general-purpose AI models MLex: On 18 July 2025, the European Commission released guidance...

In this issue: UK, EU and international regulators and bodies Acountability, culture and social governance Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Dispute resolution for financial services lawyers Banks and mutuals EU MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies Regulation to prioritise UK growth over risk-aversion in 2025 Law360, London: Financial watchdogs have vowed, firmly in line with new government objectives, to elevate economic growth above risk-aversion in 2025 — a recalibration that might cut across the recent stress on safeguarding consumers. See: Regulation to prioritise UK growth over risk-aversion in 2025. Acountability, culture and social governance UK...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

The Budget The Budget is a Parliamentary occasion where the Chancellor of the Exchequer delivers key statements on the national economy. It sets out the government’s tax intentions for the next year, and at times for later periods. Most measures due in the following tax year will already have been announced and consulted on in advance. Fresh announcements may arrive on Budget day—some, mainly anti-avoidance steps, take effect immediately. Others are scheduled to commence from a future date. The Budget also precedes the presentation of the Finance Bill to Parliament. In most years there is a single Finance Bill, though in some—such as those featuring a general election—there have been two or even three, as outlined below. Income tax and corporation tax are annual charges, so they can only be levied for a year (a tax year for income tax, or a financial year for corporation tax) where an Act of Parliament provides for them. Consequently, the government’s power to charge...

There are statutory rules governing a company’s auditor liability and the extent to which it can be curtailed. Before 6 April 2008, a company was prohibited from excusing or indemnifying its auditors for any negligence, default, breach of duty, or breach of trust connected with the company that arose in carrying out the audit of the accounts. That prohibition has since changed, and such protection is now allowed, so long as it is either an indemnity covering the costs of successfully defending proceedings or a liability limitation agreement. Furthermore, additional requirements concerning an auditor’s liability and its caps may apply to a listed company, an AIM company, or a company whose securities are listed on the AQSE Main Market, AQSE Growth Market, or AQSE Trading (previously the NEX Exchange Main Board, NEX Exchange Growth Market, and NEX Exchange Secondary Market), though those matters fall outside the ambit of this Practice Note. Some or all of the statutory measures addressing auditors and liability limitation agreements may equally extend to other companies...

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Question Answer 1. Select all of the SRA Principles. (a) You should act in a manner that promotes equality, diversity and inclusion (c) You should behave with integrity 2. Do the SRA Principles apply solely to practising solicitors? Is this true or false? (b) False The SRA Principles apply to all of us, in and out of practice. 3. With which of the following should the SRA Codes of Conduct be read? (Select all that apply) (a) SRA Principles (b) The general law 4. ...

What is the regulatory regime under the Financial Services and Markets Act 2000 (FSMA 2000) Under section 19 of the Financial Services and Markets Act 2000, the general prohibition applies: a person must not carry on a regulated activity in the UK, or even purport to do so, unless they are within one of the permitted categories below. An authorised person (that is, authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority) An exempt person (for example, an appointed representative) For an outline of the UK regime governing regulated activities, see Practice Note: What are regulated activities? An activity is regulated if it is of a ‘specified kind’—as listed in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO 2001), SI 2001/544—and it is carried on by way of business. For further detail on what amounts to carrying on a regulated activity ‘by way of business’ in the UK, refer to Practice Notes: What does ‘by...