Regulated Activity
An activity of a specified kind, carried on by way of business, that requires FCA (or PRA) authorisation under the Financial Services and Markets Act 2000. Examples include accepting deposits, effecting insurance, and dealing in investments.
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
Section 22 of the Financial Services and Markets Act 2000 provides the statutory gateway into UK financial regulation: an activity is a "regulated activity" if it is of a kind specified by Treasury order and is carried on by way of business, and either relates to an investment of a specified kind or (for certain activities) is carried on in relation to property. "Investment" is defined broadly to include any asset, right or interest, including cryptoassets. The detailed list of regulated activities — deposit-taking, insurance, dealing in and arranging investments, managing investments, advising on investments, and administering benchmarks among them — is set out in secondary legislation made under this power, chiefly the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
Carrying on a regulated activity in the UK without authorisation or exemption is a criminal offence under s.19 FSMA 2000 (the "general prohibition"). Firms that wish to carry on regulated activities must therefore obtain authorisation from the Financial Conduct Authority (and, for certain deposit-takers and insurers, the Prudential Regulation Authority), becoming an "authorised person" for the purposes of the Act.
Related terms
Official sources
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