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Individuals within authorised firms performing "significant influence functions" will need to be approved by the FSA as fit and proper to do so and firms will therefore be subject also to the FSA’s Statements of Principle and Code of Practice for Approved Persons (APER) and Fit and Proper Test for Approved Persons (FIT) sourcebooks.

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agreeing to carry on any of the above activities.Īny person who carries on any of these activities in the United Kingdom by way of business after 14 January 2005 must either be exempt from the need for authorisation (for example, if the firm is an "appointed representative" of an authorised insurer or an authorised intermediary) or authorised by the FSA. Authorised firms will be required to comply in full with the FSA’s sourcebooks concerning Principles for Businesses (PRIN), Senior Management Arrangements, Systems and Controls (SYSC) and Threshold Conditions (COND).

advising on general insurance contracts.

assisting in the administration and performance of general insurance contracts.

making arrangements with a view to transactions in general insurance contracts.

arranging (ie bringing about) deals in general insurance contracts.

dealing in general insurance contracts as agent.

The regulated activities for which authorisation will be required include: The extent to which the "secondary market" is aware of this fact and of its implications has a huge question mark against it – particularly given the extremely broad interpretation of the law concerning the boundaries of regulation which the FSA has adopted – but that is another story! As all "primary" insurance intermediaries and direct-selling insurers should be aware, firms which wish to undertake regulated activities in respect of the sale of general insurance after 14 January 2005 will need to be authorised by the FSA to do so.