Financial Services and Markets Act 2000, section 31

Authorised persons

Part III Authorisation and Exemption

(1)The following persons are authorised for the purposes of this Act—

(a)a person who has a [F174Part 4A permissionF174] to carry on one or more regulated activities;

F175 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F176 (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)a person who is otherwise authorised by a provision of, or made under, this Act.

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Read section 31 in the full Act → Definitions (2) Cases (8)

Definitions used in section 31

Part 4A permission

“Part 4A permission” has the meaning given in section 55A(5);

Defined in s.417(1) · see it in the full Act
regulated activity

“regulated activity” has the meaning given in section 22;

Defined in s.417(1) · see it in the full Act

Cases considering section 31 (8)

Southern Rock Insurance Company Limited, Re

[2025] EWHC 3539 (Ch) · 28 November 2025Interprets

Interprets the authorised-person regime in conjunction with the Gibraltar saving provisions. Southern Rock continued to qualify as an authorised person despite the post-Brexit repeal affecting EEA firms (see paras [11]-[14]). Confirms that the Gibraltar-related application of section 31(1)(b) was preserved by section 409(11)(a), maintaining Southern Rock’s status as an authorised person (see paras [12]-[14]).

Boreham v Burton

[2012] EWHC 930 (QB) · 20 March 2012Defines

The court used section 31 to explain that an authorised person is one with Part IV permission to conduct regulated activities, which created the temporal concern addressed by the transitional provisions (see para [5]).

Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd and others

[2026] UKSC 11 · 1 April 2026Defines

Defines authorised persons to include persons authorised by the FCA to carry on one or more regulated activities (see para [5]).

What each judgment says about section 31 is in the case-law panel in the full Act.

Amendments and notes

5 notes from legislation.gov.uk

Amendments

  1. F174Words in s. 31(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 11(1), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F175S. 31(1)(b) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(3), 2(2) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
  3. F176S. 31(1)(c) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(3), 2(3) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

Modifications

  1. C120S. 31 applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 1 para. 4 (with Sch. 12)

Commencement

  1. I3S. 31 wholly in force at 1.12.2001; s. 31 not in force at Royal Assent see s. 431(2); s. 31(1)(b) in force for specified purposes at 25.2.2001 by S.I. 2001/516, art. 2(c), Sch. Pt. 3; s. 31(1)(b) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 31(1)(c) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 31 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)