The Order, which amends the existing Financial Services and Markets Act 2000 (Regulated Activities) Order (SI 2001/544), specifies additional activities which from April 1, 2014 will become "regulated activities" for the purposes of the Financial Services and Markets Act 2000 (FSMA).
The new regulated activities include:
- credit broking;
- operating an electronic system in relation to lending;
- entering into a regulated credit agreement as lender; and
- providing credit information services and providing credit references.
Under FSMA, there is a general prohibition against carrying on regulated activities in the UK without being authorized or exempt. Order.