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Financial Services Act 1986 (Repealed)
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Changes over time for: Paragraph 2
Version Superseded: 01/12/2001
Alternative versions:
- 01/02/1991- Amendment
- 25/04/1991
Point in time - Stop date 01/12/2001- Amendment
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Point in time view as at 25/04/1991. This version of this provision has been superseded.
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Financial Services Act 1986 (Repealed), Paragraph 2 is up to date with all changes known to be in force on or before 11 December 2024.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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2(1)The body must have rules, practices and arrangements for securing that no person can be certified by the body for the purposes of Part I of this Act unless the following conditions are satisfied.
(2)The certified person must be either—
(a)an individual who is a member of the body; or
(b)a person managed and controlled by one or more individuals each of whom is a member of a recognised professional body and at least one of whom is a member of the certifying body.
(3)Where the certified person is an individual his main business must be the practice of the profession regulated by the certifying body and he must be practising that profession otherwise than in partnership; and where the certified person is not an individual that person’s main business must be the practice of the profession or professions regulated by the recognised professional body or bodies of which the individual or individuals mentioned in sub-paragraph (2)(b) above are members.
(4)In the application of sub-paragraphs (2) and (3) above to a certificate which is to be or has been issued to a partnership constituted under the law of England and Wales or Northern Ireland or the law of any other country or territory under which a partnership is not a legal person, references to the certified person shall be construed as references to the partnership.
Modifications etc. (not altering text)
C1Sch. 3 para. 2 extended (with modifications) (1.1.1996) by S.I. 1995/3275, reg. 31
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