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FSMA 2000 unified the previous regulatory regimes which applied to insurance companies, banks, building societies and other financial concerns, and its approach is therefore somewhat different from that which applied under Insurance Companies Act 1982. Under FSMA 2000 the broad scheme of authorisation and regulation is that no person may carry on a 鈥榬egulated activity鈥� unless an 鈥榓uthorised person鈥�. A regulated activity is an activity of a specified kind which is carried on by way of business and relates to an investment of a specified kind. Contracts of insurance are included in the list of regulated activities and investments in by virtue of section 424 of, and Schedule 2 to, the Act.

An authorised person is one who has received permission under Part 4 FSMA 2000 to carry on one or more regulated activities, or who qualifies for authorisation as an EEA or a Treaty firm under Schedule 3 or Schedule 4 FSMA 2000 (see GIM10010 on EEA and Treaty firms). The purpose of authorisation is to ensure that authorised persons satisfy the necessary 鈥榯hreshold conditions鈥� to engage in the 鈥榬egulated activity鈥� and to approve 鈥榝it and proper persons鈥� to perform 鈥榗ontrolled functions鈥� in the financial services industry.

The FSA鈥檚 detailed rules by which it exercises its regulatory powers are set out in the FSA Handbook (GIM3070).