Regulated activities

What are regulated activities?

Regulated activities are specified activities and specified investments identified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). An authorised person can only carry out the regulated activities ‘by way of business’, for which they have been given specific permission by either the Financial Conduct Authority (FCA) and/or Prudential Regulation Authority (PRA) (depending on the regulated activities carried out) under each regulator's respective authorisation process. For more information, see:

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Practice Note: What are regulated activities?
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Practice Note: What does 'by way of business' mean?
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Practice Note: PRA-regulated activities and the scope of PRA regulation
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Commentary: The regulation of insurance: McGee: The Modern Law of Insurance [2.1]

Firms carrying out one or more regulated activities in the UK must be directly authorised by the FCA, however insurers (and deposit takers) need also to apply to the PRA for authorisation, who then seek the consent of the FCA. Dual regulated firms are regulated by the PRA from a prudential perspective and the FCA from a conduct perspective. The regulators co-operate on authorisation decisions for dual-regulated

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