579.This Part makes arrangements whereby professionals (such as solicitors, actuaries and accountants) who:
	are not carrying on mainstream regulated activities but
	are members of designated professional bodies,
will be exempt from the requirement to obtain permission from the Authority in order to carry out certain regulated activities.  Additional tests are set out in section 327 which must be met in order for the professional to qualify for the exemption.
580.The arrangements under this Part include the safeguard of arms-length oversight by the Authority of the way in which the professional bodies supervise and regulate exempt professionals, and the way in which such professionals carry on regulated activities.  This will involve, amongst other things, the Authority monitoring the effectiveness of the complaints and redress arrangements of designated professional bodies.
581.In addition, the Authority will be able to ban members of the professions who benefit from the exemption from carrying on regulated activities, where the circumstances justify this.  The Authority can also direct that the exemption be cut back on a more general class basis (so that, for example, certain categories of professional, carrying on certain types of activities, will no longer benefit from the exemption).
582.The Authority is also empowered to make rules requiring exempt professionals to disclose to their clients the fact that they are not regulated by the Authority.
Commentary on Sections Part Xx: Provision of Financial Services by Members of the Professions