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Status:
Point in time view as at 14/02/2014.
Changes to legislation:
There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Exemption) Order 2001, Paragraph 50.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[50.—(1) A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) in the circumstances referred to in paragraph 2.U.K.
(2) The circumstances are—
(a)where a freight forwarder (“F”)—
(i)holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and
(ii)makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or
(b)where a storage firm (“S”)—
(i)holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and
(ii)makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.
(3) In this paragraph—
(a)“freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;
(b)“storage firm” means a person whose principal business is storing goods or arranging storage for goods;
(c)“customer” means a person ... who uses the service of a freight forwarder or storage firm.]
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