Schedule 9, Part 1, paragraph 2(3)

A business is not in the regulated sector to the extent that it consists of financial activity if— the person’s total annual turnover in respect of the financial activity does not exceed £100,000; the financial activity is limited in relation to any customer to no more than one transaction exceeding £1,000, whether the transaction is carried out in a single operation, or a series of operations which appear to be linked; the financial activity does not exceed 5% of the person’s total annual turnover; the financial activity is ancillary to the person’s main activity and directly related to that activity; the financial activity is not the transmission or remittance of money (or any representation of monetary value) by any means; the main activity of the person carrying on the financial activity is not an activity mentioned in paragraph 1(1)(a) to (p) or (r) to (t); and the financial activity is provided only to customers of the person’s main activity and is not offered to the public.

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