89.Part III of Schedule 3 governs home State regulation by the Authority of UK credit institutions, investment firms and insurance companies exercising their passport rights under the single market directives to establish a branch or provide services in other EEA states.
90.UK firms do not need to be authorised persons in order to exercise EEA passport rights.  For example, lending is covered by both the Second Banking Co-ordination directive and the Investment Services Directive.  Consequently a firm holding a licence under the Consumer Credit Act 1974 may have an EEA right to carry on Consumer Credit Act business in another EEA state.
Commentary on Sections Part Iii: Authorisation and Exemption Section 37: Exercise of EEA rights by UK firms