Our Eighth insurance word of the week is: Authorised Person
A person (usually a firm) that has been approved by the Financial Services Authority (FSA) to carry on one or more FSA regulated activities.
The Financial Services & Markets Act 2000 (FSMA)
FSMA is concerned with the regulation of financial services and markets in the UK . Under Section 19 of FSMA, any person who carries on a regulated activity in the UK must be authorised by the FSA or exempt (an appointed representative or some other exemption). Breach of section 19 may be a criminal offence and punishable on indictment by a maximum term of two years imprisonment and/or a fine.
A copy of FSMA, as well as secondary and related legislation, can be found on the Treasury’s website. Bear in mind that this version of FSMA does not include amendments made to it by subsequent legislation.
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