The 18 classes of general business subject to regulatory control under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2000. See GENERAL INSURANCE BUSINESS.

An FSA term describing one or more of the following activities: mortgage arranging or advising; the sale or administration of general insurance or pure protection contracts; retail investment activities. All firms carrying on regulated retail activities have to comply with FSA reporting requirements.

Form in which Lloyd’s publishes codes to help underwri agents meet the regulatory and other responsibilities flowing from the Core Principles for Underwriting Agents. The bulletin is then included in the Codes Handbook.

Written plan prepared by the managing agent for each Lloyd’s syndicate and submitted to the Lloyd’s franchise board. The franchisor monitors approved plans against performance. The managing agents, as franchisees, must prepare an annual business plan in accordance with the longterm profitability target and the guidelines published by the franchisor. A syndicate business forecast must be attached to the business plan. Plans are also required by the FSA for insurance intermediaries.

Takes most of the FSA’s enforcement decisions following independent investigations and recommendations from the enforcement staff whose work is separated from the decision-taking function. The RDC seeks agreement from the party affected by issuing warning notices and decision notices, but the recipient may take his case to the Financial Services and Markets Tribunal.

FSA regulation encompasses: authorisation, supervision, enforcement and decisionmaking.

The risk that a regulated entity fails to meet the requirements and expectations of its regulatory authority responsible for enforcing rules, codes and practices. The FSA has considerable authority and could vary the permission granted to authorised persons and firms leaving them unable to carry on regulated activities.