Q&As

Could the issuance of a fuel card protection product be considered as carrying out insurance and fall within the scope of being a regulated activity under the Financial Services and Markets Act 2000?

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Published by a LexisNexis Financial Services expert
Published on: 04 December 2017
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A contract of insurance

There is no statutory definition of an insurance contract, despite the fact that effecting and carrying out contracts of insurance are regulated activities under the Financial Services and Markets Act 2000. The generally accepted position, and the starting position taken by the Financial Conduct Authority in its perimeter guidance (PERG) (PERG 6.3.4 and PERG 6.5) has been to look to common law. The description of insurance given in Prudential v Commissioners of Inland Revenue is usually regarded as a good starting point. This case describes a contract of insurance as one whereby one party (the insurer) promises in return for consideration (the premium) to pay to the other party (the insured) a sum of money, or to provide them with a corresponding benefit,

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United Kingdom
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Scope definition
What does Scope mean?

The scope of works is a term which may be used generally in construction projects to describe the works that the contractor is expected to carry out. More specifically, ‘Scope’ is a defined term used in the NEC4 suite of contracts to specify and describe the work which the contractor is to undertake, together with any constraints on how it is to carry out such work. In the NEC3 suite of contracts, the term ‘works information’ wass used instead of Scope.

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