- a fees direction
means a direction given by the Treasury as a result of regulations under section 410A.
- a paragraph 37(1) person
means a person who is treated as having a Schedule 2A permission by virtue of paragraph 64 following the cancellation of that permission by the FCA under paragraph 37(1).
- a recognised scheme
means a section 271A scheme or a scheme recognised under section... 272 (and see also section 282C). • “a section 271A scheme” means a scheme recognised under section 271A (and see also section 271S);
- a section 271A scheme
means a scheme recognised under section 271A (and see also section 271S);
- acquisition
means the acquisition of control or of an increase in control over a recognised investment exchange;
- acting in an introductory capacity
means merely introducing (directly or indirectly) a consumer to a mortgage creditor or mortgage intermediary;
- active member
means an active member within the meaning of Part 1 of the Pensions Act 2008 (see section 99 of that Act) or Part 1 of the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) (see section 78 of that Act).
- actuary
means an auditor, or actuary, who satisfies such requirements as to qualifications, experience and other matters (if any) as may be specified.
- administration charge
has the meaning given by paragraph 1(5) of Schedule 18 to the Pensions Act 2014;
- administrative sanction
means— (a) a penalty or statement of censure imposed or published under section 123;
- agency worker
has the meaning given by section 13(2) of the Employment Relations Act 1999;
- agreement
means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the company or partnership, • “authorised deposit taker” means a person with a Part 4A permission to accept deposits (but not a person who has a Part 4A permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission), • “authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022);
- AIF
has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013;
- an authorisation offence
means an offence under this section.
- an authorised contractual scheme
means a contractual scheme which is authorised for the purposes of this Act by an authorisation order in force under section 261D(1);
- an authorised open-ended investment company
means a body incorporated by virtue of regulations under section 262 in respect of which an authorisation order is in force under any provision made in such regulations by virtue of subsection (2)(l) of that section;
- an authorised unit trust scheme
means a unit trust scheme which is authorised for the purposes of this Act by an authorisation order in force under section 243;
- an open-ended investment company
means a collective investment scheme which satisfies both the property condition and the investment condition.
- An overseas regulator
means an authority in a country or territory outside the United Kingdom—
- ancillary services
means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);
- annual accounts
has the meaning given by section 471 of the Companies Act 2006.
- annual rate
means the total cost to the borrower expressed as an annual percentage of the total amount of credit;
- Applicant
means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.
- Appointed
means appointed under or as a result of this Act.
- appointed member
means a member of the governing body appointed under sub-paragraph (2)(a), (b), (d) or (e).
- appointed representative
has the meaning given in section 39(2);
- appointment
includes “re-appointment”.
- appropriate advice
means advice specified (by reference to the person giving the advice or otherwise) as appropriate advice in regulations made by the Treasury;
- appropriate comparison
means—
- Appropriate person
means a person appearing to the regulator concerned to be someone—
- appropriate regulator
means— (a) in relation to a PRA-authorised person, the PRA, (b) in relation to any other authorised person, the FCA, (c) in relation to a parent undertaking that is not an authorised person— (a) the PRA, where the PRA is the consolidating supervisor in relation to that undertaking;
- Approval
means an approval under section 59.
- approved activity
means a regulated activity for the time being approved by regulations under paragraph 5.
- Approved person
(except in the expression “Part 18 approved person”) means a person in relation to whom the FCA or the PRA has given its approval under section 59 and “controlled function” and “arrangement” have the same meaning as in that section.
- arrangement
has the same meaning as in section 59;
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions;
- assets
includes contingent assets;
- Assets requirement
means a requirement under section 55L or 55M—
- Associate
has the same meaning as in—
- Associated undertaking
has the meaning given in section 119(1) of the Building Societies Act 1986.
- auditor
means an auditor appointed under or as a result of a statutory provision.
- auditors and actuaries rules
means rules made under section 340;
- authorisation offence
has the meaning given in section 23(2);
- authorisation order
means—
- authorised contract
has the meaning given in section 261M(1);
- authorised deposit taker
means a person with a Part 4A permission to accept deposits (but not a person who has a Part 4A permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission), • “authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022);
- authorised open-ended investment company
has the meaning given in section 237(3);
- authorised parent undertaking
means a parent undertaking that— (a) is incorporated in the United Kingdom or has its principal place of business in the United Kingdom, and (b) is an authorised person;
- authorised person
has the meaning given in section 31(2);
- authorised persons
includes, in relation to rules made under this section, a reference to any persons to whom the rules under this section apply.
- authorised reclaim fund
has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022).
- bank
has the meaning given in section 2 of the Banking Act 2009;
- banking group company
has the meaning given in section 81D of the Banking Act 2009.
- Bankruptcy order
means a bankruptcy order under Part IX of the 1986 Act (or Part IX of the 1989 Order).
- Bankruptcy petition
means a petition to the court—
- benchmark
means a benchmark within the meaning of section 22...
- body
means a body of persons— (a) over which the court has jurisdiction under any provision of, or made under, the 1986 Act (or the 1989 Order);
- body corporate
includes a body corporate constituted under the law of a country or territory outside the United Kingdom;
- borrower
includes— (a) any person providing a guarantee or indemnity under an agreement, and (b) a person to whom the rights and duties of the borrower under an agreement or a person falling within paragraph (a) have passed by assignment or operation of law;
- branch
means—
- building society
has the meaning given in the Building Societies Act 1986;
- Business
includes any part of a business even if it does not consist of carrying on regulated activities.
- buying
includes acquiring for valuable consideration;
- capital requirements directive
means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as it had effect immediately before IP completion day. • “capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as it forms part of assimilated law. • “central securities depository” means a CSD or third-country CSD as defined in Article 2(1) of the CSD regulation;
- capital requirements regulation
means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as it forms part of assimilated law. • “central securities depository” means a CSD or third-country CSD as defined in Article 2(1) of the CSD regulation;
- Cash
means—
- central counterparty
has the same meaning as in Part 18 (see section 313(1));
- central counterparty recognition order
means a recognition order made under section 290(1)(b);
- central securities depository
means a CSD or third-country CSD as defined in Article 2(1) of the CSD regulation;
- charge
includes a mortgage (or, in Scotland, a security over property).
- Charges
means charges payable, by way of interest or otherwise, in connection with the provision of credit under the regulated credit agreement, whether or not the agreement itself makes provision for them and whether or not the person to whom they are payable is a party to the regulated credit agreement or an authorised person.
- child
includes a stepchild.
- claim
means a claim for compensation, restitution, repayment or any other remedy or relief in respect of loss or damage or in respect of an obligation, whether the claim is made or could be made—
- claims management services
means advice or other services in relation to the making of a claim.
- clients
means—
- co-ownership scheme
means a collective investment scheme which satisfies the conditions in subsection (3).
- collective investment scheme
has the meaning given in section 235;
- commencement
means the commencement of such provisions of this Act as may be specified by the order.
- commodities
includes—
- Communicate
includes causing a communication to be made.
- company
means a company— (a) in respect of which an administrator may be appointed under Schedule B1 to the 1986 Act, or (b) in respect of which an administrator may be appointed under Schedule B1 to the 1989 Order, • “relevant deposit” shall, ignoring any restriction on the meaning of deposit arising from the identity of the person making the deposit, be construed in accordance with— (a) section 22, (b) any relevant order under that section, and (c) Schedule 2.
- comparable authorised schemes
has the same meaning as in section 271B;
- Compulsory jurisdiction rules
means rules—
- conditional sale agreement
has the meaning given by article 60L of the Regulated Activities Order;
- conduct
includes any failure to act (whether or not intentional) and any other unintentional conduct.
- confidential information
means information which—
- consolidated situation
means the situation that results from an entity being treated, for the purposes of the capital requirements regulation or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity;
- consolidated supervision
includes supplemental supervision;
- consolidating supervisor
means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation (within the meaning of Article 4.1(47) of the capital requirements regulation) of an institution which is a UK parent;
- consumer
means an individual in the United Kingdom who is acting for a purpose other than for any trade, business or profession carried on by that individual;
- consumer hire agreement
has the meaning given by article 60N(3) of the Regulated Activities Order;
- consumers
has the meaning given in section 1G;
- contract
includes a contract of insurance;
- contract or other instrument involving financial services
has the meaning given by Schedule ZA2 to the 1986 Act, but does not include an agreement which is, or forms part of, an arrangement involving the issue of a capital market investment (see paragraph 6 of that Schedule);
- contractual scheme
means—
- contractual scheme deed
means—
- control of information rules
has the meaning given in section 137P;
- controlled agreement
means an agreement the making or performance of which by either party constitutes a controlled activity for the purposes of that section;
- controlled function
has the meaning given by section 59(3);
- controlled investment
has the same meaning as in section 21.
- Conversion
means conversion into or exchange for, or the exercise of rights conferred by the securities to acquire, other securities.
- Convertible securities
means securities of a specified kind which can be converted into, or exchanged for, or which confer rights to acquire, other securities.
- core activities
has the meaning given in section 142B;
- core provision
means a provision of this Act mentioned in section 317;
- core services
has the meaning given in section 142C;
- corresponding activity
means an activity corresponding to an approved activity, and
- corresponding section 165A power
means a power corresponding to the one conferred by section 165A, but reading references in that section to the stability of the UK financial system as references to the stability of the financial system operating in the country or territory of the overseas regulator.
- Cost benefit analysis
means—
- court
means— (a) the court having jurisdiction for the purposes of the 1985 Act or the 1986 Act;
- Credit
includes any cash loan or other financial accommodation.
- credit institution
means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account;
- credit union
means a credit union within the meaning of— (a) the Credit Unions Act 1979;
- credit-related regulated activity
has the meaning given in section 23(1B);
- creditor
includes a contingent or prospective creditor.
- critical third party
has the same meaning as in Chapter 3C (see section 312L(8);
- cryptoasset
means any cryptographically secured digital representation of value or contractual rights that— (a) can be transferred, stored or traded electronically, and (b) that uses technology supporting the recording or storage of data (which may include distributed ledger technology). • “the CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories, as it forms part of assimilated law;
- Current account
means an account by means of which one or more named persons are able to—
- customer
means a person to whom a supplier sells goods or supplies services or agrees to do so;
- customers
includes customers outside the United Kingdom;
- data reporting service provider
has the meaning given by regulation 2 of the Data Reporting Services Regulations 2024.
- Debt instrument
has the same meaning as in section 142Y.
- Debt securities
means bonds or other forms of transferable securitised debts, with the exception of—
- Default rules
means rules of an investment exchange, clearing house or central securities depository which provide for the taking of action in the event of a person’s appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the exchange, clearing house or central securities depository.
- deference decision
means a decision of the Treasury that the law and practice of another country or territory is, so far as relating to financial services and markets, equivalent to the law and practice of the United Kingdom (either generally or as it relates to a particular matter);
- dependent child
means a child who—
- designated
means designated by the rules.
- designated activity
has the meaning given in section 71K;
- Designated consumer body
means a body designated by the Treasury by order.
- Designated date
means such date as the Treasury may by order designate.
- designated investment firm
means an investment firm which is for the time being designated by the PRA under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013;
- Designated senior management function
means a function of a description specified in rules made by the appropriate regulator.
- devolved authorities
means— (a) the Scottish Ministers, (b) the Welsh Ministers, and (c) the Department for Communities in Northern Ireland;
- direct payment arrangements
means direct payment arrangements within the meaning of section 111A of the Pension Schemes Act 1993 or section 107A of the Pension Schemes (Northern Ireland) Act 1993.
- Direction
means a direction under section 138A.
- Directive 2013/36/EU UK law
means the law of the United Kingdom which was relied on immediately before 1 January 2022 to implement the capital requirements directive and its implementing measures as it has effect— (a) on IP completion day, in the case of rules made by the FCA or the PRA under this Act, and (b) as amended from time to time, in all other cases;
- director
includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned;
- Disciplinary proceedings
means proceedings under the rules of an investment exchange, clearing house or central securities depository in relation to a contravention of Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation by a person subject to the rules.
- Discontinuance
means a discontinuance of listing under section 77(1).
- discretionary payment
has the meaning given by paragraph 13(11) of Schedule 11 to the Financial Services and Markets Act 2023 and “employee” has the meaning given by paragraph 154 of that Schedule).
- disposing
includes—
- documents
includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form, or in a form from which it can readily be produced in visible and legible form;
- domestic premises supplier
means a supplier who— to customers who are individuals while the supplier, or the supplier’s representative, is physically present at the dwelling of the individual (but see sub-paragraph (3B)).
- electronic money
has the same meaning as in the Electronic Money Regulations 2011;
- electronic money institution
has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations).
- electronic money issuer
means a person who is an electronic money issuer as defined in regulation 2(1) of the Electronic Money Regulations 2011 other than a person falling within paragraph (f), (g) or (j) of the definition;
- Eligible practitioners
means authorised persons of a description specified in a statement maintained by the FCA.
- emission allowance
means emission allowance as described in paragraph 11 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
- emission allowance market participant
has the same meaning as in Article 3.1.20 (definitions) of the market abuse regulation;
- employee
has the meaning given by paragraph 154 of that Schedule).
- Employment
has the meaning given in section 181(1) of the Pension Schemes Act 1993 or section 176(1) of the Pension Schemes (Northern Ireland) Act 1993.
- enactment
includes— (a) assimilated legislation, (b) an enactment comprised in subordinate legislation, (c) an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru, (d) an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and (e) an enactment comprised in, or in an instrument made under, Northern Ireland legislation;
- engage in claims management activity
has the meaning given by section 21;
- engage in investment activity
has the meaning given by section 21;
- Engaging in claims management activity
means entering into or offering to enter into an agreement the making or performance of which by either party constitutes a controlled claims management activity.
- Engaging in investment activity
means—
- Entity
means an entity which—
- equivalence decision
means a decision as to whether the law and practice of one country or territory is equivalent to the law and practice of another country or territory, either generally or as it relates to a particular matter;
- ESMA
means the European Securities and Markets Authority established by Regulation ( EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority);
- Essential information
means information which a person considering acquiring securities of the kind in question would be likely to need in order not to be misled about any facts which it is essential for him to know in order to make an informed assessment.
- Establishment
means, in relation to a person, his head office or a branch of his.
- Euro-securities
means investments which—
- excluded activities
has the meaning given in section 142D;
- Excluded material
means material which—
- 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 professional body without breaching the general prohibition;
- existing group member
means a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given.
- Expense
includes anything that, if incurred in relation to the FSCS, would amount to an expense for the purposes of the FSCS.
- expenses
includes interest at a specified rate on the difference, at any time, between—
- Expert
includes any engineer, valuer, accountant or other person whose profession, qualifications or experience give authority to a statement made by him.
- feeder UCITS
means— ((a)) a UK UCITS which has been approved by the FCA to invest 85% or more of the total property which is subject to the collective investment scheme constituted by the UK UCITS in units of— ((i)) another UK UCITS, ((ii)) a sub-fund of another UK UCITS, ((iii)) an EEA UCITS, or ((iv)) a sub-fund of an EEA UCITS, or ((b)) a sub-fund of a UK UCITS which has been approved by the FCA to invest 85% or more of the sub-fund's separate pool of the property of the UK UCITS in units of— ((i)) another UK UCITS, ((ii)) another sub-fund of a UK UCITS, ((iii)) an EEA UCITS, or ((iv)) a sub-fund of an EEA UCITS;
- financial assistance
includes the giving of guarantees and indemnities and any other kind of financial assistance (actual or contingent).
- Financial contract
means—
- financial counterparty
has the meaning given in Article 2(8) of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
- financial crime
has the meaning given in section 1H;
- financial guidance
means information, guidance or advice provided in pursuance of the Money and Pensions Service’s pensions guidance, debt advice or money guidance function (see section 3 of the Financial Guidance and Claims Act 2018);
- financial holding company
has the meaning given in Article 4(1)(20) of the capital requirements regulation;
- financial institution
means a bank, building society or investment firm (within the meanings of Part 1 of the Banking Act 2009).
- financial instrument
means any of the following— (a) an instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule;
- financial instruments
means those instruments specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
- financial promotion rules
means rules made under section 137R;
- Financial Stability Objective
means the objective set out in section 2A of the Bank of England Act 1998;
- Firm
means—
- flexible benefit
has the meaning given by section 74 of the Pension Schemes Act 2015;
- floating charge
has the meaning given by section 251 of the 1986 Act or paragraph (1) of Article 5 of the 1989 Order;
- former underwriting member
means a person ceasing to be an underwriting member of the Society on, or at any time after, 24 December 1996;
- friendly society
means an incorporated or registered friendly society;
- full-scope UKAIFM
has the meaning given in regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013;
- funeral plan contract
has the same meaning as in article 59(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
- General guidance
has the meaning given in section 139B(5).
- General policy
means a policy evidencing a contract which, if it had been effected by the transferee, would have constituted the carrying on of a regulated activity consisting of the effecting of contracts of general insurance.
- general prohibition
has the meaning given in section 19(2);
- Gibraltar firm
means a firm which has its head office in Gibraltar or is otherwise connected with Gibraltar.
- Gibraltar insurance undertaking
means an undertaking which— (a) has its head office in Gibraltar;
- Gibraltar reinsurance undertaking
means an undertaking which— (a) has its head office in Gibraltar;
- Gibraltar-based person
has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule);
- Gibraltar-related market access rights
means
- Goods
has the meaning given in section 61(1) of the Sale of Goods Act 1979.
- governance arrangements
includes organisational structure, lines of responsibility and internal control mechanisms;
- Government, local authority or public authority
means—
- green deal plan
has the meaning given by section 1 of the Energy Act 2011;
- group financial support agreement
means an agreement for the provision of financial support, by a member of the group of the parent undertaking, to an institution in the group which, at any time after the agreement is concluded, comes to need financial support;