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On 23 April 2021 the High Court handed down a judgment that offers helpful guidance on when “private” loans are likely to be deemed to have been entered into “by way of business” for the purposes of section 22 of the Financial Services and Markets Act 2000 (FSMA). Background of Jackson v Ayles and another [2021] EWHC 995 (Ch). Whether a regulated activity is undertaken “by way of ...