Article 5 Unenforceable contracts
(1) Subsections (1) and (2) of section 26 (agreements made by unauthorised persons) apply to an agreement of the kind specified by paragraph (4) as they apply to an agreement of the kind specified in subsection (1) of that section (and so an agreement of the kind specified by paragraph (4) is unenforceable against the other party).
(2) Subsections (1) and (2) of section 27 (agreements made through unauthorised persons) apply to an agreement of the kind specified by paragraph (5) as they apply to an agreement of the kind specified in subsection (1) of that section (and so an agreement of the kind specified by paragraph (5) is unenforceable against the other party).
(3) In this article, a "regulated agreement" means an agreement made before commencement, the making or performance of which by one party ("the relevant party") constituted an activity which fell within any paragraph of Part II of Schedule 1 to the Financial Services Act and which was not excluded by Part III or IV of that Schedule (or the performance of which would have constituted such an activity but for the repeal of that Act).
(4) The kind of agreement specified by this paragraph is any agreement which -