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Statutory requirements

Statutory requirements

There are a number of statutory requirements you must follow when starting a new business.

Statutory requirement to disclose business names

Business Names Act 1985; Companies Act 1985

If you practise under a name other than your own you must display:

  • if you practise as a sole principal, your name
  • in the case of a partnership, the names of all the partners 
  • in the case of a company, its corporate name (ie. the registered name of the company) on business stationery and at the business premises, together with an address at which documents can be served on the sole principal, on the partners or on the company
  • a partnership of 20 or more partners need not have the names and addresses shown on business stationery provided that it maintains at its principal place of business a list of the names of all the partners.

Consumer Credit Act 1974

Information and advice on consumer credit licences and on statutory regulations concerning the advertising of the provision of credit facilities can be obtained from the Financial Conduct Authority. A licence will probably be required if you intend to arrange, or advise on, mortgages for prospective purchasers.

Financial Services and Markets Act 2000

Since the Financial Services Act came into force in April 1988, anyone engaging in 'investment business' as defined by the act commits a criminal offence if not authorised. Although real property is not an investment under the act, the need for authorisation may arise if there is a financial instrument linked to the property, such as an endowment pension-linked mortgage, or if there is a pooling arrangement for the ownership of property, such as through a bond or unit trust, ie. a collective investment scheme. There are a variety of different routes to authorisation depending upon the amount of investment business being undertaken. Firms should approach the Financial Conduct Authority.

GDPR and data protection

If you hold information in relation to individuals, you should be aware of the Data Protection Act 2018 under which you may have to register. Information and advice can be obtained from the Information Commissioner's Office. The Act complements the EU’s General Data Protection Regulation.

Data Protection Act 2018

If you plan to hold information relating to individuals on a computer, you should be aware of the Data Protection Act 1984 under which you may have to register. Information and advice may be obtained from the Information Commissioner's Office. An act went through parliament during 1998 which extends the provisions to paper files.

UK money laundering regulations

The fourth Anti-Money Laundering EU Directive came into force in June 2015. Learn more about the regulations and whether you’re affected by issues surrounding money laundering and managing fraud.

Employment legislation

As you start to employ staff you will need to ensure that you follow employment legislation. Business Link is the government’s online resource for business and has detailed information on the things you need to consider when you employ staff.

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