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ARTICLE · 26 NOVEMBER 2019

The FCA Perimeter

Clyde & Co
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Put very briefly, the term "perimeter" is used to describe the scope of who and what the FCA regulates. The perimeter is predominantly set with reference to the provisions of the Financial Services..

United KingdomFinance and Banking
Laura Cooke
Laura Cooke
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Put very briefly, the term "perimeter" is used to describe the scope of who and what the FCA regulates. The perimeter is predominantly set with reference to the provisions of the Financial Services and Markets Act 2000 and the Regulated Activities Order 2001 but there are a significant number of other pieces of primary and secondary legislation which come together to set the scope and powers of the FCA.

By way of illustration as to the complexity of the scope of FCA regulation, the current version of the FCA's Perimeter Guidance Manual ("PERG") runs to over 800 pages and increasing concern has been voiced that this complexity has given rise to uncertainty and ambiguity for consumers.

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