chapter
UNAUTHORISED INVESTMENT BUSINESS
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Section 3 of the Financial Services Act 19869 provides that no person shall carry on, or purport to carry on, ‘investment business’ in the United Kingdom unless he is an authorised or an exempted person. That basic prohibition came into force on 29 April 198810 and any person who carries on, or purports to carry on, investment business in contravention is guilty of an offence.11