PERG 14.7 Exemptions

Q40. Am I an exempt person in relation to home finance activities?

Yes, if you are:

• a person who is specifically exempt under the Financial Services and Markets Act 2000 (Exemption) Order 2001, such as a local authority or a registered social landlord; or
• an appointed representative whose agreement with his principal permits him to carry on the activities in question; or
• an exempt professional firm.

Q41. What home finance activities can I carry on as an appointed representative?

You will be able to carry on any of the following regulated activities:

• arranging (bringing about) a home reversion plan or arranging (bringing about) a home purchase plan; or
• making arrangements with a view to home reversion plans or making arrangements with a view to home purchase plans; or
• advising on a home reversion plan or advising on a home purchase plan; or
• agreeing to do any of the above.

You will not be able to carry on any of the following regulated activities:

• entering into a home reversion plan or entering into a home purchase plan; or
• administering a home reversion plan or administering a home purchase plan; or
• agreeing to do eitherof the above.

Q42. I am an exempt professional firm. Will I be able to carry on any of the regulated activities relating to home reversion plans and home purchase plans without needing FSA authorisation?

This depends on the activity in question. Subject to your being able to satisfy the general requirements of Part XX of the Financial Services and Markets Act 2000 you will be able:

• to carry on the regulated activities of:
  • entering into a home reversion plan; or
  • entering into a home purchase plan; or
  • administering a home reversion plan; or
  • administering a home purchase plan; or
  • agreeing to do any of these things,
  but only where you are acting as a trustee or personal representative and the reversion occupier or home purchaser is a beneficiary under the trust, will or intestacy;
• to carry on the regulated activities of:
  • arranging (bringing about) a home reversion plan; or
  • arranging (bringing about) a home purchase plan: or
  • making arrangements with a view to home reversion plans; or
  • making arrangements with a view to home purchase plans; or
  • agreeing to do any of these things,
  without any further restriction; and
• to carry on the regulated activities of:
  • advising on a home reversion plan; or
  • advising on a home purchase plan; or
  • agreeing to do eitherof these things,
  • the advice is given to a trustee or a reversion provider who, in either case, is not an individual; or
  • the advice is given to an individual but does not amount to a recommendation to enter into a plan as reversion provider, reversion occupier or home purchaser; or
  • the advice is given to an individual and does amount to a recommendation to enter into a plan as reversion provider, reversion occupier or home purchaser with a reversion provider or a home purchase provider but only if the advice endorses a corresponding recommendation that has been given to the individual by a suitably authorised or exempt person.
  but only provided that: