The Court of Appeal has upheld a Crown Court decision on whether infrequent deposits would be deemed accepted “by way of business”. The appellant, part of a group that had persuaded its victims to part with money, and members of which had been convicted of various offences, contended that he did not meet the criteria for the regulated activity of accepting deposits as he did not do so by way of business. It was agreed the sums of money were deposits. The Court found, agreeing with the Crown Court, that there was evidence the applicant held himself out as accepting deposits on a day-to-day basis. This was clearly evidenced by two payments in particular. On the other limb of the “business” test, the Court found the appellant did not accept deposits only on particular occasions because his conduct suggested he was in the market to accept large sums of money. (Source: Napoli v R [2012] EWCA Crim 1129)