If they don’t register then they face a potential civil or criminal sanction.
The relevant businesses include any that:
• Issue credit cards, banker drafts and travellers cheques;
• Provide finance advisory services in relation to mergers and acquisitions;
• Lend on commercial terms;
• Offer financial leasing - this does not include operating leases or hire purchase agreements;
• Offer guarantees and commitments using banking industry products; and
• Offer safety deposit boxes or other secure storage for high value physical items such as jewellery and documents of title.
More information including detailed guidance notes on registration is available from the FSA website.
