What this covers
Why you need it
Parliament created it. The power to require it comes from Financial Services and Markets Act 2000.
What the Act carries
What our graph holds for Financial Services and Markets Act 2000 as a whole — the Act behind this licence, not the licence conditions themselves.
- Duties on businesses
- 93
- Penalties
- 9
- Exemptions
- 41
Duties on businesses under the Act
- Fail to attend tribunal or produce documents Schedule 13
- Fail to comply with a Tribunal witness summons or evidence request Schedule 13
- Ensure staff performing 'controlled functions' are regulator-approved s.59
- Get FCA/PRA approval before anyone performs a controlled function s.59
- Notify the regulator of significant changes to a senior manager's responsibilities s.62A
- Update the regulator if senior manager responsibilities change significantly s.62A
… and 87 more business duties in the same Act.
What happens if you get it wrong
- Fail to notify FCA of acquisition of control, or breach restriction notice Unlimited fine
- Breach a Part 9C prohibition order Unlimited fine
- Deal with trust assets without UK regulator consent Unlimited fine
- Disclose or use confidential information without authorisation Unlimited fine
- Fail to attend tribunal or produce documents Unlimited fine
… and 4 more penalties in the same Act.
Exemptions that may take you outside it
- Administering a benchmark exempt from FCA permission change consent — The regulated activity is administering a benchmark under article 63S of the FSMA 2000 (Regulated Activities) Order 2001
- Administrators exempt from reporting duty when regulator led administration — The administration arises from a regulator's court application or petition that was itself based on the company's contravention of the …
- Approved persons do not pay PRA fee after section 59 approval — Your application for approval under section 59 has been granted.
- Authorised and recognised collective investment schemes exempt from promotion restriction — The collective investment scheme is an authorised unit trust scheme, an authorised contractual scheme, an authorised open-ended investment company, or …
- Building societies and Treasury-exempt institutions exempt from ring-fencing rules — Business is a building society under the Building Societies Act 1986, or belongs to a class of UK institution specifically …
… and 36 more exemptions in the same Act.
Read our full dossier on Financial Services and Markets Act 2000
Who issues it
This one does not go to your council. It is issued by Department for Business and Trade.
Where to apply
Duty, penalty and exemption labels are Guvnor’s analysis of the enabling instrument, not the instrument itself. Fees, forms and conditions are set by the issuing authority — always check the linked source.