The High Court has considered whether occasional lending needed authorisation under FSMA in Newmafruit Farms Ltd and others v Alan Pither and others [2016] EWHC 205 (QB). Although the court decided this was a matter for trial, it determined that the issue of whether loans made by a limited company were made ‘by way of business’ could be satisfied even if the activity were undertaken on an isolated occasion only. This was because the borrower only had to show that the lender was carrying on the activity of lending ‘by way of business’ rather than ‘carrying on the business of exercising a lender’s rights under a regulated credit agreement’ i.e. ‘by way of business’ only related to whether the lender was making the loan in the course of its business (as a family run fruit farm) rather than making the loan as part of its business as a lender.