Authorisation?

If you engage in regulated activity without being authorised or exempt, you may be criminally prosecuted and may face up to 2 years’ imprisonment or an unlimited fine or both. If you are already authorised but do not have the correct permissions for the regulated activity you’re carrying on, you may face enforcement action by the FCA.

You may also find the following chapters of the Perimeter Guidance Manual (PERG) helpful:

  • Perg 2.3 – The business element.
  • Perg 2.4 – Link between activities and the United Kingdom.
  • Perg 2.5 – Investments and activities: general.
  • Perg 2.6 – Specified investments: a broad outline.
  • Perg 2.7 – Activities: a broad outline. The sections within this that you should refer to are:
  • PERG 2.7.5 - Dealing in investments (as principal or agent)
  • PERG 2.7.7 - Arranging deals in investments points (1) and (2)
  • PERG 2.7.8 - Managing investments
  • PERG 2.7.14C - Advising on investments
  • PERG 12.2 - Establishing, operating or winding up a personal pension scheme

MiFID business?

Read through PERG 13, and more specifically PERG 13.3.

How to apply?

You should review the following information within the FCA website.

The information contained in this email and in the materials referred to in it should give you a broad understanding of the key information you might need to consider.

However, it’s not intended to be an exhaustive list and you are responsible for ensuring that you are authorised and have the correct permissions before you carry on regulated activities and/or that you are registered before you carry on activities that are within scope of the MLRs.

You should carry out your own due diligence. You may wish to seek your own independent legal or compliance advice if you require specific advice. You can contact the Association of Professional Compliance Consultants.

If you have a specific question, after reading this information, please email the Supervision Hub on firm.queries@fca.org.uk quoting your case reference number.