Section 29(3)

The FCA may specify a description of function under subsection (2)(a) or (b) only if, in relation to the carrying on of a regulated activity by a relevant authorised person of a particular description— the function is not a controlled function in relation to the carrying on of that activity by a relevant authorised person of that description, but the FCA is satisfied that the function is nevertheless a significant-harm function.

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