Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Exclusions definition

What does Exclusions mean? In financial services practice, exclusions are statutory carve‑outs that mean an activity which would otherwise be a regulated activity is treated as unregulated if defined conditions are met. Across the UK (England & Wales, Scotland and Northern Ireland), exclusions are set out in the financial services and markets act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (the RAO), made under FSMA 2000. The RAO specifies activities and investments and, for many of them, provides exclusions. If an exclusion applies, the activity is not a “regulated activity” for FSMA purposes (including section 22), so the general prohibition and FCA authorisation requirement...

UK FSMA Regulated Activities Order (Articles 66-72J): exclusions for multiple regulated activities, and post-Brexit MiFID II, IDD and MCD overrides

Published by a LexisNexis Financial Services expert

Practice notes

Background to Exclusions which apply to several kinds of Activity

Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) imposes the ‘general prohibition’: no person may perform regulated activities in the UK unless authorised or exempt. For guidance on the prohibition and its territorial reach, see Practice Notes: The general prohibition and implications of its breach and Territorial scope of the general prohibition.

‘Regulated activities’ comprise specified activities undertaken by way of business that relate to ‘specified investments’ or any property to which the specified activity pertains. Here, ‘specified’ means designated by HM Treasury. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) sets out the activities and investments that are so specified.

For further detail on what amounts to regulated activities, see Practice Note: What are regulated activities? For an explanation of the meaning of ‘by way of business’ in the insurance context, see Practice Note: What does ‘by way of business’ mean?...

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Web page updated on 21/05/2026

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