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GLOSSARY

Authorised professional firm definition

Published by a LexisNexis Financial Services expert

What does Authorised professional firm mean?

A professional firm which is an authorised person.

This is a firm or person which is entitled to carry on the profession of a designated professional body and is subject to its rules, or a person who is controlled and managed by such an individual. Such firms will be dually regulated and subject to the rules of the designated professional body and the FSA.

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General reporting requirements

Following amendments to the Financial Services and Markets Act 2000 (FSMA 2000) made by the Financial Services Act 2012, the Financial Services Authority ceased to exist and its functions were split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Financial Services and Markets Act 2000 (PRA-regulated Activities Order) 2013, SI 2013/556 specifies the activities that are PRA-regulated activities. Accordingly, the PRA is responsible for the authorisation and prudential regulation of firms that carry on PRA-regulated activities. PRA-authorised firms are dual-regulated in that they are also subject to regulation by the FCA for conduct purposes. FCA-authorised firms are regulated solely by the FCA for both prudential and conduct purposes. For further information, see FCA and PRA authorisation under Part 4A of FSMA 2000.Both FCA and PRA-authorised firms are required to report to the FCA and/or the PRA (as applicable) on a regular basis in relation to the firm's financial condition and its compliance with applicable rules and requirements imposed by or under FSMA 2000. The relevant...

Financial Ombudsman Service—compulsory jurisdiction

The compulsory jurisdiction of the Financial Ombudsman Service (FOS) is defined in Chapter 2 of the Financial Conduct Authority (FCA) Dispute Resolution: Complaints Sourcebook (DISP), in rules made pursuant to section 226 of the Financial Services and Markets Act 2000 (FSMA 2000), which provides that a complaint which relates to an act or omission of a person (the respondent) in carrying on an activity to which compulsory jurisdiction rules apply should be dealt with under the FOS scheme, providing certain conditions apply.Those conditions are that:•the complainant is eligible and wishes to have the complaint dealt with under the FOS scheme•the respondent was an authorised person at the time of the act or omission to which the complaint relates, and•the act or omission to which the complaint relates occurred at a time when compulsory jurisdiction rules were in force in relation to the activity in questionThe compulsory jurisdiction rules are rules made by the FCA (in DISP 2) for the purposes of FSMA 2000, s 226, specifying the activities to which compulsory...

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