The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

[F1 Exclusion from record where not fit and proper to carry on insurance [F2 distribution] activities U.K.

95.— (1) If it appears to [F3 the FCA] that a person who falls within article 93(2) (appointed representatives) (“AR”) is not a fit and proper person to carry on insurance [F4 distribution] 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) In making a determination as to whether a person is a fit and proper person for the purposes of paragraph (1), the FCA must consider whether the relevant registration conditions under Article 3 of the insurance distribution directive are met.]

(2) Where [F3 the FCA] proposes to make a determination under paragraph (1), it must give AR a warning notice.

(3) If [F3 the FCA] makes a determination under paragraph (1), it must give AR a decision notice.

(4) If [F3 the FCA] gives AR a decision notice under paragraph (3), AR may refer the matter to the Tribunal.

(5) [F3 The FCA] may, on the application of AR, revoke a determination under paragraph (1).

(6) If [F3 the FCA] decides to grant the application, it must give AR written notice of its decision.

(7) If [F3 the FCA] proposes to refuse the application, it must give AR a warning notice.

(8) If [F3 the FCA] decides to refuse the application, it must give AR a decision notice.

(9) If [F3 the 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 [F6 FCA 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

F1 Pt. 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

F2 Word 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)

F3 Words 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)

F4 Word 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)

F5 Art. 95(1A) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(6)(b)

F6 Words 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)