The regulated activity of accepting deposits

Andrew McKnight, Solicitor, Consultant to Salans LLP and visiting Professor at Queen Mary, University of London © Andrew McKnight 2010.

In Financial Services Authority v Anderson[1] Lewison J considered an application by the FSA for declarations that the defendants had been carrying on the regulated activity of accepting deposits whilst being unauthorised. The FSA also applied for injunctions to restrain the defendants from doing so in the future. His Lordship gave guidance on the matters that had to be considered in determining if such an activity had been carried on without due authorisation.