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...

FSMA 2000 RAO exclusions for accepting deposits, e-money and home finance: scope, key carve-outs (stablecoins, payment services, debt securities), MCD override, and FCA/PRA perimeter considerations

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note sets out the Exclusions that may apply to the regulated activities of taking Deposits and to activities associated with home finance transactions. These exclusions are contained in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), and appear after the description of each specified activity to which the exclusion relates. Where an exclusion applies, persons who would otherwise be undertaking regulated activities are, for those purposes, treated as not carrying on those activities.

The General prohibition

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person must not carry on regulated activities in the United Kingdom unless that person is authorised or exempt. This is referred to as the general prohibition. For details on the territorial scope of the general prohibition, see Practice Note: Territorial scope of the prohibition...

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Web page updated on 21/05/2026

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