Explanatory note

This Order restricts the scope of the Financial Services Act 1986 in certain respects. Article 2 restricts the scope of paragraph 13 of Schedule 1 to the Act as it applies to certain arrangements made between insurance companies and persons whose ordinary business involves the lending of money. Article 3 restricts the scope of paragraph 12 of Schedule 1 to the Act as it applies to transactions involving the assignment of long term insurance contracts. Article 4 extends the scope of the exemption afforded by paragraph 21 of Schedule 1 to the Act. Article 5 makes provision as to the application of the Act to advice given in sound, television or cable programmes. Article 6 makes provision for the approval of international securities self-regulating organisations and the exclusion for certain purposes of their activities from activities which constitute the carrying on of investment business in the United Kingdom.