{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-4",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-4.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "section/4",
  "kind": "section",
  "number": "4",
  "heading": "Offences.",
  "text": "(1) Any person who carries on, or purports to carry on, investment business in contravention of section 3 above shall be guilty of an offence and liable—\n(a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;\n(b) on summary conviction, to imprisonment for a term not exceeding six months or to a fine not exceeding the statutory maximum or to both.\n(2) In proceedings brought against any person for an offence under this section it shall be a defence for him to prove that he took all reasonable precautions and exercised all due diligence to avoid the commission of the offence.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "S. 4 restricted (1.1.1993) by S.I. 1992/3218, reg. 5(1)(b). ss. 3, 4 excluded (1.1.1996) by S.I. 1995/3275, reg. 5(1)(a) (with reg. 5(2))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/section/4",
    "retrieved_at": "2026-10-29T09:53:57.234744+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}