On August 2, 2019, the Treasury Select Committee released the 35th report of session 2017-19 titled “The work of the Financial Conduct Authority: the perimeter of regulation”, which contains recommendations to HM Treasury on the remit and powers of the Financial Conduct Authority (FCA).
The report acknowledges that the current system allows the grey area between regulated and non-regulated activities to be exploited and that it also creates confusion for consumers of financial services, both individuals and small businesses.
The majority of regulated activities stem from the Financial Services and Markets Act 2000 (FSMA), and are set out in more detail in the Financial Services and Markets Act 2000 (Regulated Activities) Order (the RAO).
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