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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
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Changes over time for: Section 95
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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Section 95 is up to date with all changes known to be in force on or before 04 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Article 95:
- Sch. 3 Pt. 1 para. 2(c) words substituted by S.I. 2023/548 art. 2(5)
- art. 72B(1)(c) words omitted by S.I. 2024/1239 reg. 5(4)(c)
- art. 72B(1)(c)(i) sum substituted by S.I. 2024/1239 reg. 5(4)(a)
- art. 72B(1)(c)(ii) sum substituted by S.I. 2024/1239 reg. 5(4)(b)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. 3 Pt. 1 para. 2(c) words substituted by S.I. 2023/548 art. 2(5)
- art. 72B(1)(c) words omitted by S.I. 2024/1239 reg. 5(4)(c)
- art. 72B(1)(c)(i) sum substituted by S.I. 2024/1239 reg. 5(4)(a)
- art. 72B(1)(c)(ii) sum substituted by S.I. 2024/1239 reg. 5(4)(b)
[F1Exclusion from record where not fit and proper to carry on insurance [F2distribution] activitiesU.K.
95.—(1) If it appears to [F3the FCA] that a person who falls within article 93(2) (appointed representatives) (“AR”) is not a fit and proper person to carry on insurance [F4distribution] activities, it may decide not to include him in the record or, if that person is already included in the record, to remove him from the record.
F5(1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) Where [F3the FCA] proposes to make a determination under paragraph (1), it must give AR a warning notice.
(3) If [F3the FCA] makes a determination under paragraph (1), it must give AR a decision notice.
(4) If [F3the FCA] gives AR a decision notice under paragraph (3), AR may refer the matter to the Tribunal.
(5) [F3The FCA] may, on the application of AR, revoke a determination under paragraph (1).
(6) If [F3the FCA] decides to grant the application, it must give AR written notice of its decision.
(7) If [F3the FCA] proposes to refuse the application, it must give AR a warning notice.
(8) If [F3the FCA] decides to refuse the application, it must give AR a decision notice.
(9) If [F3the FCA] gives AR a decision notice under paragraph (8), AR may refer the matter to the Tribunal.
(10) Sections 393 and 394 of the Act (third party rights and access to [F6FCA or PRA] material) apply to a warning notice given in accordance with paragraph (2) or (7) and to a decision notice given in accordance with paragraph (3) or (8).]
Textual Amendments
F1Pt. 5 inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 13
F2Word in art. 95(1) heading substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(6)(a)
F3Words in art. 95(1)-(9) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)
F4Word in art. 95(1) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(6)(a)
F5Art. 95(1A) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 159 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 95(10) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(i)
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