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James Carter is responsible for ensuring compliance with the Financial Services and Markets Act 2000 (FSMA) at his firm, which is not authorised by the Financial Conduct Authority (FCA). James considers that some of the firm’s activities may not require FCA authorisation.
Which of the following activities will not be regulated under the FSMA?
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Preparing a will for a client is not considered a regulated activity under the FSMA. Activities such as selling investments during estate winding-up, buying shares on behalf of a client, advising on investments, and arranging for a stockbroker to buy trusts are regulated activities under the FSMA. These activities require FCA authorisation if performed as part of the firm’s services.
Key Point: This question assesses the understanding of regulated and non-regulated activities under the FSMA. Knowing which activities require FCA authorisation is essential for ensuring legal compliance and avoiding unauthorised practice.
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