The Financial Services Act 1986 (Restriction of Scope of Act) Order 1988

Explanatory Note

(This note is not part of the Order)

This Order restricts the scope of the Financial Services Act 1986 in certain respects. Article 2 restricts the scope of paragraph 13 of Schedule 1 to the Act as it applies to certain arrangements made between insurance companies and persons whose ordinary business involves the lending of money. Article 3 restricts the scope of paragraph 12 of Schedule 1 to the Act as it applies to transactions involving the assignment of long term insurance contracts. Article 4 extends the scope of the exemption afforded by paragraph 21 of Schedule 1 to the Act. Article 5 makes provision as to the application of the Act to advice given in sound, television or cable programmes. Article 6 makes provision for the approval of international securities self-regulating organisations and the exclusion for certain purposes of their activities from activities which constitute the carrying on of investment business in the United Kingdom.