Regulated activities for debt management firms and not-for-profit bodies
Published by a LexisNexis Financial Services expert
Practice notesRegulated activities for debt management firms and not-for-profit bodies
Published by a LexisNexis Financial Services expert
Practice notes
Under Chapter 7B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), a person must not carry on debt-related regulated activities in the UK, by way of business, unless they are an authorised or exempt person, or an exclusion applies. This Practice Note details the debt related regulated activities set out under Chapter 7B of the RAO including debt adjusting, debt counselling, debt collecting and debt administration. This Practice Note also considers the Financial Conduct Authority (FCA) rules which apply to debt management firms and not-for profit organisations.
Regulated activities—general
Section 19(1) of the Financial Services and Markets Act 2000 (FSMA 2000) provides that a person cannot carry on a regulated Activity in the UK unless they are an authorised person or exempt.
In accordance with FSMA 2000, s 22, for an activity to constitute a regulated activity, it must be carried out 'by way of business'. According to the FCA’s Perimeter Guidance Manual (PERG) (PERG 2.3.3 G), whether or not an activity is carried on by way of business
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Not-for-profit definition
What does Not-for-profit mean?
A commonly used term for non-profit distributing, which can be misinterpreted. Charities may make profit, or surplus, which must be retained for use in pursuance of their objects. It is not distributable to owners or shareholders, as in a commercial business.
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