Authorised Person
A person who has permission under the Financial Services and Markets Act 2000 to carry on regulated activities in the UK, typically granted by the FCA or, for certain firms, the PRA.
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
Section 19 of the Financial Services and Markets Act 2000 imposes the general prohibition: no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is an authorised person or an exempt person. Section 31 sets out who is authorised for the purposes of the Act, including a person who has a Part 4A permission to carry on one or more regulated activities, or a person who is otherwise authorised by a provision of, or made under, the Act. In this Act, authorised person means a person who is authorised for the purposes of this Act.
Carrying on a regulated activity without being authorised or exempt breaches the general prohibition and can expose a firm and its officers to serious regulatory and criminal consequences. Authorisation is granted by the Financial Conduct Authority, or jointly with the Prudential Regulation Authority for deposit-takers, insurers and certain systemically important investment firms, and authorised firms remain subject to ongoing supervision, conduct rules, and the regulators' powers to vary or withdraw permission.
Related terms
Official sources
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