Defined under Section 21 of the Financial Services and Markets Act 2000 (FSMA) it is almost any communication that amounts to an invitation or inducement to engage in investment activity communicated by a person in the course of business. As a rule, it must be approved by an authorised person and must be ’fair, clear and not misleading’.
The public record containing a list of all individuals and firms that are, or have previously been, authorised by the FCA. It lists the key individuals within the firm, the registered address of the firm the activities they are permitted to carry out.
This is a benchmark test used by the FCA to assess whether a person is suitable to be an Approved Person and therefore able to carry out Controlled Functions. Its assessment is based on a range of factors including financial soundness, competence, honesty and integrity.
Firm Reference Number given by the FCA to directly authorised firms and appointed representatives. FRNs can be found on the FCA Register and authorised firms will display this number on their website and promotional material.
Financial Services and Markets Act 2000 which is the primary legislation that establishes a framework for the regulation of the financial services industry in the United Kingdom and gives statutory power to the regulator.