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Section 326: Designation of professional bodies.

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XX: Provision of Financial Services by Members of the Professions

The Treasury may by order designate bodies for the purposes of this Part.

A body designated under subsection (1) is referred to in this Part as a designated professional body.

The Treasury may designate a body under subsection (1) only if they are satisfied that—

the basic condition, and
one or more of the additional conditions,

are met in relation to it.

The basic condition is that the body has rules applicable to the carrying on by members of the profession in relation to which it is established of regulated activities which, if the body were to be designated, would be exempt regulated activities.

The additional conditions are that—

the body has power under any enactment to regulate the practice of the profession;
being a member of the profession is a requirement under any enactment for the exercise of particular functions or the holding of a particular office;
the body has been recognised for the purpose of any enactment other than this Act and the recognition has not been withdrawn;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

"Enactment" includes an Act of the Scottish Parliament, Northern Ireland legislation and subordinate legislation (whether made under an Act, an Act of the Scottish Parliament or Northern Ireland legislation).

"Recognised" means recognised by—

a Minister of the Crown;
the Scottish Ministers;
a Northern Ireland Minister;
a Northern Ireland department or its head.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.