Financial Services Act 1986 (repealed)
1986 c. 60 · Enacted 7 November 1986 · Extends to United Kingdom
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Annotations to the whole text
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)
Contents
- Part I: Regulation of Investment Business
- Chapter I: Preliminary
- 1Investments and investment business.
- 2Power to extend or restrict scope of Act.
- Chapter II: Restriction on Carrying on Business
- 3Persons entitled to carry on investment business.
- 4Offences.
- 5Agreements made by or through unauthorised persons.
- 6Injunctions and restitution orders.
- Chapter III: Authorised Persons
- Members of recognised self-regulating organisations
- 7Authorisation by membership of recognised self-regulating organisation.
- 8Self-regulating organisations.
- 9Applications for recognition.
- 10Grant and refusal of recognition.
- 11Revocation of recognition.
- 12Compliance orders.
- 13Alteration of rules for protection of investors.
- 14Notification requirements.
- Persons authorised by recognised professional bodies
- 15Authorisation by certification by recognised professional body.
- 16Professional bodies.
- 17Applications for recognition.
- 18Grant and refusal of recognition.
- 19Revocation of recognition.
- 20Compliance orders.
- 21Notification requirements.
- Insurance companies
- 22Authorised insurers.
- Friendly societies
- 23Friendly societies.
- Collective investment schemes
- 24Operators and trustees of recognised schemes.
- Investment companies with variable capital
- 24AInvestment companies with variable capital
- Persons authorised by the Secretary of State
- 25Authorisation by Secretary of State.
- 26Applications for authorisation.
- 27Grant and refusal of authorisation.
- 28Withdrawal and suspension of authorisation.
- 29Notice of proposed refusal, withdrawal or suspension.
- 30Withdrawal of applications and authorisations by consent.
- Persons authorised in other member States
- 31Authorisation in other member State.
- 32Notice of commencement of business.
- 33Termination and suspension of authorisation.
- 34Notice of proposed termination or suspension.
- Chapter IV: Exempted Persons
- The Bank of England
- 35The Bank of England.
- Recognised investment exchanges and clearing houses
- 36Investment exchanges.
- 37Grant and revocation of recognition.
- 38Clearing houses.
- 39Grant and revocation of recognition.
- 40Overseas investment exchanges and clearing houses.
- 41Notification requirements.
- Other exemptions
- 42Lloyd’s.
- 43Listed money market institutions.
- 44Appointed representatives.
- 45Miscellaneous exemptions.
- Supplemental
- 46Power to extend or restrict exemptions.
- Chapter V: Conduct of Investment Business
- 47Misleading statements and practices.
- 47AStatements of principle.
- 47BModification or waiver of statements of principle in particular cases.
- 48Conduct of business rules.
- 49Financial resources rules.
- 50Modification of conduct of business and financial resources rules for particular cases.
- 51Cancellation rules.
- 52Notification regulations.
- 53Indemnity rules.
- 54Compensation fund.
- 55Clients’ money.
- 56Unsolicited calls.
- 57Restrictions on advertising.
- 58Exceptions from restrictions on advertising.
- 59Employment of prohibited persons.
- 60Public statement as to person’s misconduct.
- 61Injunctions and restitution orders.
- 62Actions for damages.
- 62ARestriction of right of action.
- 63Gaming contracts.
- 63AApplication of designated rules and regulations to members of self-regulating organisations.
- 63BModification or waiver of designated rules and regulations.
- 63CCodes of practice.
- Chapter VI: Powers of Intervention
- 64Scope of powers.
- 65Restriction of business.
- 66Restriction on dealing with assets.
- 67Vesting of assets in trustee.
- 68Maintenance of assets in United Kingdom.
- 69Rescission and variation.
- 70Notices.
- 71Breach of prohibition or requirement.
- Chapter VII: Winding up and Administration Orders
- 72Winding up orders.
- 73Winding up orders: Northern Ireland.
- 74Administration orders.
- Chapter VIII: Collective Investment Schemes
- Preliminary
- 75Interpretation.
- Promotion of schemes
- 76Restrictions on promotion.
- Authorised unit trust schemes
- 77Applications for authorisation.
- 78Authorisation orders.
- 79Revocation of authorisation.
- 80Representations against refusal or revocation.
- 81Constitution and management.
- 82Alteration of schemes and changes of manager or trustee.
- 83Restrictions on activities of manager.
- 84Avoidance of exclusion clauses.
- 85Publication of scheme particulars.
- Recognition of overseas schemes
- 86Schemes constituted in other member States.
- 87Schemes authorised in designated countries or territories.
- 88Other overseas schemes.
- 89Refusal and revocation of recognition.
- 90Facilities and information in the United Kingdom.
- Powers of intervention
- 91Directions.
- 92Notice of directions.
- 93Applications to the court.
- Supplemental
- 94Investigations.
- 95Contraventions.
- Chapter IX: The Tribunal
- 96The Financial Services Tribunal.
- 97References to the Tribunal.
- 98Decisions on references by applicant or authorised person etc.
- 99Decisions on references by third parties.
- 100Withdrawal of reference.
- 101Reports.
- Chapter X: Information
- 102Register of authorised persons and recognised organisations etc.
- 103Inspection of register.
- 104Power to call for information.
- 105Investigation powers.
- 106Exercise of investigation powers by officer etc.
- Chapter XI: Auditors
- 107Appointment of auditors.
- 107AApplication of audit rules to members of self-regulating organisations.
- 108Power to require second audit.
- 109Communication by auditor with supervisory authorities.
- 110Overseas business.
- 111Offences and enforcement.
- Chapter XII: Fees
- 112Application fees.
- 113Periodical fees.
- Chapter XIII: Transfer of Functions to Designated Agency
- 114Power to transfer functions to designated agency.
- 115Resumption of transferred functions.
- 116Status and exercise of transferred functions.
- 117Reports and accounts.
- 118Transitional and supplementary provisions.
- Chapter XIV: Prevention of Restrictive Practices
- Examination of rules and practices
- 119Recognised self-regulating organisations, investment exchanges and clearing houses.
- 120Modification of s. 119 where recognition function is transferred.
- 121Designated agencies.
- Consultation with Director General of Fair Trading
- 122Reports by Director General of Fair Trading.
- 123Investigations by Director General of Fair Trading.
- Consequential exemptions from competition law
- 124The Fair Trading Act 1973.
- 125The Competition Act 1998: Chapter I prohibition.
- 126The Competition Act 1980.
- Recognised professional bodies
- 127Application of Competition Act 1998 in relation to recognised professional bodies: Chapter 2001I prohibition.
- Supplemental
- 128Supplementary provisions.
- Chapter XV: Relations with other Regulatory Authorities
- 128ARelevance of other controls.
- 128BRelevance of information given and action taken by other regulatory authorities.
- 128CEnforcement in support of overseas regulatory authority.
- Part II: Insurance Business
- 129Application of investment business provisions to regulated insurance companies.
- 130Restriction on promotion of contracts of insurance.
- 131Contracts made after contravention of s. 130.
- 132Insurance contracts effected in contravention of s. 2 of Insurance Companies Act 1982.
- 133Misleading statements as to insurance contracts.
- 134. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 135Communication by auditor with Secretary of State.
- 136Arrangements to avoid unfairness between separate insurance funds etc.
- 137Regulations in respect of linked long term policies.
- 138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 139Industrial assurance.
- Part III: Friendly Societies
- 140Friendly societies.
- 141Indemnity schemes.
- Part IV: Official Listing of Securities
- 142Official listing.
- 143Applications for listing.
- 144Admission to list.
- 145Discontinuance and suspension of listing.
- 146General duty of disclosure in listing particulars.
- 147Supplementary listing particulars.
- 148Exemptions for disclosure.
- 149Registration of listing particulars.
- 150Compensation for false or misleading particulars.
- 151Exemption from liability to pay compensation.
- 152Persons responsible for particulars.
- 153Obligations of issuers of listed securities.
- 154Advertisements etc. in connection with listing applications.
- 154AApplication of Part IV to prospectuses.
- 155Fees.
- 156Listing rules: general provisions.
- 156AApproval of prospectus where no application for listing.
- 156BPublication of prospectus.
- 157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Part V
- 158Preliminary.
- 159Offers of securities on admission to approved exchange.
- 160Other offers of securities.
- 160AExemptions.
- 161Exceptions.
- 162Form and content of prospectus.
- 163General duty of disclosure in prospectus.
- 164Supplementary prospectus.
- 165Exemptions from disclosure.
- 166Compensation for false or misleading prospectus.
- 167Exemption from liability to pay compensation.
- 168Persons responsible for prospectus.
- 169Terms and implementation of offer.
- 170Advertisements by private companies and old public companies.
- 171Contraventions.
- Part VI: Takeover Offers
- 172Takeover offers.
- Part VII: Insider Dealing
- 173. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 174Section 174 Repealed
- 175. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 176. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 177Investigations into insider dealing.
- 178Penalties for failure to co-operate with s. 177 investigations.
- Part VIII: Restrictions on Disclosure of Information
- 179Restrictions on disclosure of information.
- 180Exceptions from restrictions on disclosure.
- 181Directions restricting disclosure of information overseas.
- 182Disclosure of information under enactments relating to fair trading, banking, insurance and companies.
- Part IX: Reciprocity
- 183Reciprocal facilities for financial business.
- 184Investment and insurance business.
- 185Banking business.
- 186Variation and revocation of notices.
- Part X: Miscellaneous and Supplementary
- 187Exemption from liability for damages.
- 188Jurisdiction of High Court and Court of Session.
- 189Restriction of Rehabilitation of Offenders Act 1974.
- 190Data protection.
- 191Occupational pension schemes.
- 193. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 194Transfers to or from recognised clearing houses.
- 195Offers of short-dated debentures.
- 196Financial assistance for employees’ share schemes.
- 197Disclosure of interests in shares: interest held by market maker.
- 198Power to petition for winding up etc. on information obtained under Act.
- 199Powers of entry.
- 200False and misleading statements.
- 201Prosecutions.
- 202Offences by bodies corporate, partnerships and unincorporated associations.
- 203Jurisdiction and procedure in respect of offences.
- 204Service of notices.
- 205General power to make regulations.
- 205ASupplementary provisions with respect to subordinate legislation.
- 206Publication of information and advice.
- 207Interpretation.
- 208Gibraltar.
- 209Northern Ireland.
- 210Expenses and receipts.
- 211Commencement and transitional provisions.
- 212Short title, consequential amendments and repeals.
- Schedule 1: Investments and Investment Business
- Part I: Investments
- Shares etc.
- 1Paragraph 1
- Debentures
- 2Paragraph 2
- Government and public securities
- 3Paragraph 3
- Instruments entitling to shares or securities
- 4Paragraph 4
- Certificates representing securities
- 5Paragraph 5
- Units in collective investment scheme
- 6Paragraph 6
- Options
- 7Paragraph 7
- Futures
- 8Paragraph 8
- Contracts for differences etc.
- 9Paragraph 9
- Long term insurance contracts
- 10Paragraph 10
- Rights and interests in investments
- 11Paragraph 11
- Part II: Activities Constituting Investment Business
- Dealing in investments
- 12Paragraph 12
- Arranging deals in investments
- 13Paragraph 13
- Custody of Investments
- 13AParagraph 13A
- Managing investments
- 14Paragraph 14
- Investment advice
- 15Paragraph 15
- Establishing etc. collective investment schemes
- 16Paragraph 16
- Sending dematerialised instructions etc
- 16AParagraph 16A
- Part III: Excluded Activities
- Dealings as principal
- 17Paragraph 17
- Groups and joint enterprises
- 18Paragraph 18
- Sale of goods and supply of services
- 19Paragraph 19
- Employees’ share schemes
- 20Paragraph 20
- Sale of body corporate
- 21Paragraph 21
- Trustees and personal representatives
- 22Paragraph 22
- Dealings in course of non-investment business
- 23Paragraph 23
- Advice given or arrangements made in course of profession or non-investment business
- 24Paragraph 24
- Custody of group pension funds by certain insurance companies
- 24AParagraph 24A
- Newspapers
- 25Paragraph 25
- Advice given in sound, television or cable programmes
- 25AAdvice given in television, sound or teletext services
- 25BInternational Securities Self-regulating organisations
- Part IV: Additional Exclusions for Persons Without Permanent Place of Business in United Kingdom
- Transactions with or through authorised or exempted persons
- 26Paragraph 26
- Unsolicited or legitimately solicited transactions etc. with or for other persons
- 27Paragraph 27
- Part V: Interpretation
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- Schedule 2: Requirements for Recognition of Self-regulating Organisation
- Members to be fit and proper persons
- 1Paragraph 1
- Admission, expulsion and discipline
- 2Paragraph 2
- Safeguards for investors
- 3Paragraph 3
- Taking account of costs of compliance
- 3AParagraph 3A
- Monitoring and enforcement
- 4Paragraph 4
- The governing body
- 5Paragraph 5
- Investigation of complaints
- 6Paragraph 6
- Promotion and maintenance of standards
- 7Paragraph 7
- Schedule 3: Requirements for recognition of professional body
- Statutory status
- 1Paragraph 1
- Certification
- 2Paragraph 2
- Safeguards for investors
- 3Paragraph 3
- Taking account of costs of compliance
- 3AParagraph 3A
- Monitoring and enforcement
- 4Paragraph 4
- Investigation of complaints
- 5Paragraph 5
- Promotion and maintenance of standards
- 6Paragraph 6
- Schedule 4: Requirements for Recognition of Investment Exchange
- Financial resources
- 1Paragraph 1
- Safeguards for investors
- 2Paragraph 2
- Monitoring and enforcement
- 3Paragraph 3
- Investigation of complaints
- 4Paragraph 4
- Promotion and maintenance of standards
- 5Paragraph 5
- Supplementary
- 6Paragraph 6
- Schedule 5: Listed Money Market Institutions
- Part I: Transactions not Subject to Monetary Limit
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Part II: Transactions Subject to Monetary Limit
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- Part III: Transactions arranged by Listed Institutions
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Schedule 6: The Financial Services Tribunal
- Term of office of members
- 1Paragraph 1
- Expenses
- 2Paragraph 2
- Staff
- 3Paragraph 3
- Procedure
- 4Paragraph 4
- Evidence
- 5Paragraph 5
- Appeals and supervision by Council on Tribunals
- 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Parliamentary disqualification
- 7Paragraph 7
- Schedule 7: Qualifications of Designated Agency
- Constitution
- 1Paragraph 1
- Arrangements for discharge of functions
- 2Paragraph 2
- Taking account of costs of compliance
- 2AParagraph 2A
- Monitoring and enforcement
- 3Paragraph 3
- Investigation of complaints
- 4Paragraph 4
- Promotion and maintenance of standards
- 5Paragraph 5
- Records
- 6Paragraph 6
- Schedule 8: Principles applicable to Designated Agency’s Legislative Provisions
- Introduction
- 1Paragraph 1
- Standards
- 1AParagraph 1A
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Disclosure
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- Protection
- 9Paragraph 9
- 10Paragraph 10
- Records
- 11Paragraph 11
- Classes of investors
- 12Paragraph 12
- Schedule 9: Designated Agencies: Status and Exercise of Transferred Functions
- Status
- 1Paragraph 1
- Exemption from requirement of “limited" in name of designated agency
- 2Paragraph 2
- The Tribunal
- 3Paragraph 3
- Legislative functions
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Fees
- 10Paragraph 10
- 11Paragraph 11
- Consultation
- 12Paragraph 12
- Exchange of information
- 13Paragraph 13
- Schedule 10: Regulated Insurance Companies
- Preliminary
- 1Paragraph 1
- Authorisations for investment business and insurance business
- 2Paragraph 2
- Recognition of self-regulating organisation with insurance company members
- 3Paragraph 3
- Modification of provisions as to conduct of investment business
- 4Paragraph 4
- Restriction of provisions as to conduct of insurance business
- 5Paragraph 5
- Exercise of powers of intervention etc.
- 6Paragraph 6
- Withdrawal of insurance business authorisation
- 7Paragraph 7
- Termination of investment business authorisation of insurer established in other member State
- 8Paragraph 8
- Powers of Tribunal
- 9Paragraph 9
- Consultation with designated agencies
- 10Paragraph 10
- Schedule 11: Friendly Societies
- Part I: Preliminary
- 1Paragraph 1
- Part II: Self-Regulating Organisations for Friendly Societies
- Recognition
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Revocation of recognition
- 5Paragraph 5
- Compliance orders
- 6Paragraph 6
- 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 8Paragraph 8
- 9Paragraph 9
- Prevention of restrictive practices
- 10Paragraph 10
- Fees
- 11Paragraph 11
- Application of provisions of this Act
- 12Paragraph 12
- Part III: Registrar’s Powers in Relation to Regulated Friendly Societies
- Special provisions for regulated friendly societies
- 13Paragraph 13
- Conduct of investment business
- 13AParagraph 13A
- 13BParagraph 13B
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 22AParagraph 22A
- 22BParagraph 22B
- 22CParagraph 22C
- 22DParagraph 22D
- Intervention, information and investigations
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- Exercise of powers under enactments relating to friendly societies
- 26Paragraph 26
- 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Part IV: Transfer of Registrar’s Functions
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 31AParagraph 31A
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- Part V: Miscellaneous and Supplemental
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 40AParagraph 40A
- 41Paragraph 41
- 42Paragraph 42
- 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 44Paragraph 44
- 45Paragraph 45
- Schedule 11A: OFFERS OF SECURITIES TO THE PUBLIC IN THE UNITED KINGDOM
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Schedule 12Takeover Offers: Provisions Substituted for Sections 428, 429 and 430 of Companies Act 1985
- Schedule 13: Disclosure of Information
- 1Paragraph 1
- 2Paragraph 2
- 3, 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Schedule 14: Restriction of Rehabilitation of Offenders Act 1974
- Part I: Exempted Proceedings
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- IIExempted Questions
- IIIExempted Actions
- Part IV: Supplemental
- Schedule 15: Transitional Provisions
- Interim authorisation
- 1Paragraph 1
- Return of fees on pending applications
- 2Paragraph 2
- Deposits and undertakings
- 3Paragraph 3
- Interim recognition of professional bodies
- 4Paragraph 4
- Interim authorisation by recognised professional bodies
- 5Paragraph 5
- Power of recognised professional body to make rules required by this Act.
- 6Paragraph 6
- Notice of commencement of business
- 7Paragraph 7
- Advertisements
- 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Authorised unit trust schemes
- 9Paragraph 9
- Recognised collective investment schemes
- 10Paragraph 10
- 11Paragraph 11
- Delegation orders
- 12Paragraph 12
- Disclosure of information
- 13Paragraph 13
- Temporary exemptions for friendly societies
- 14Paragraph 14
- Dealings in course of non-investment business
- 15Paragraph 15
- Northern Ireland
- 16Paragraph 16
- Schedule 16: Consequential Amendments
- 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Schedule 17: Repeals and Revocations
- IEnactments
- IIInstruments