Schedule 9, Part 1, paragraph 2(1)

A business is not in the regulated sector to the extent that it consists of— the issuing of withdrawable share capital within the limit set by section 24 of the Co-operative and Community Benefit Societies Act 2014 (maximum interest in a society's withdrawable shares), or the acceptance of deposits from the public within the limit set by section 67(2) of that Act (registered society with withdrawable share capital not to carry on banking etc), by a registered society within the meaning of that Act; the issuing of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act (Northern Ireland) 1969 (maximum shareholding in society), or the acceptance of deposits from the public within the limit set by section 7(3) of that Act (carrying on of banking by societies), by a society registered under that Act; the carrying on of any activity in respect of which a person who is (or falls within a class of persons) specified in any of paragraphs 2 to 23, 26 to 38 , 40 to 49 or 58 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 is exempt; the exercise of the functions specified in section 45 of the Financial Services Act 1986 (miscellaneous exemptions) by a person who was an exempted person for the purposes of that section immediately before its repeal; ... the engaging in financial activity which fulfils all of the conditions set out in paragraphs (a) to (g) of sub-paragraph (3) of this paragraph by a person whose main activity is that of a high value dealer; ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order; or the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006.

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Source: legislation.gov.uk · retrieved 2026-09-04