(4) In this article, “relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H) which has been entered into with the facilitation of an authorised person with permission to carry on a regulated activity of the kind specified by that article. does not indicate (by express words or otherwise) that the person is willing to enter into a regulated consumer hire agreement as owner for any other purpose. Dependent on the legislation item being viewed this may include: Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. if A is an authorised person, and the appropriate regulator is the PRA, under section 55I of the Act (variation by PRA at request of authorised person); if A is not an authorised person, under section 55A of the Act(. It is a specified kind of activity for the owner or another person to exercise, or to have the right to exercise, the owner’s rights and duties under a regulated consumer hire agreement. Amended by sections 5 and 53 of the Consumer Credit Act 2006. 2006/2383. (c)complies with rules made by the FCA for the purposes of this article. 2002/2708 and S.I. ascertaining the contents of such information, securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information, or, securing that a credit information agency which holds such information—. 6. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area. Amended by S.I. For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”)—, an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, and. 20. (44) Section 156 (entry into agreements)(116) and the heading immediately before it are omitted. In article 6(3) of the Gender Recognition (Disclosure of Information) (England, Wales and Northern Ireland) (No 2) Order 2005 (credit reference agencies)(275), for “has the meaning given in” substitute “is to be read in accordance with”. 60B-60M) There are excluded from articles 89A and 89B activities carried on by—. A credit agreement is an exempt agreement for the purposes of this Chapter if, at the time it is entered into, any sums due under it are secured by a legal mortgage on land and the condition in paragraph (2) is satisfied. the number of payments to be made by the borrower is not more than twelve. 13. A person who is not an authorised person does not carry on an activity of the kind specified by article 60B(2) in relation to regulated credit agreement if that person exercises or has the right to exercise the lender’s rights and duties under the agreement pursuant to an agreement with an authorised person who has permission to carry on an activity of the kind specified by article 60B(2). In article 2 of the Administrative Justice and Tribunals Council (Listed Tribunals) Order 2007 (list of tribunals)(281), omit the entry beginning “The Office of Fair Trading”. Amended by Schedule 18 to the Financial Services Act 2012. (b)the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer. in subsection (8), omit the definitions of “accepting” and “consumer credit business”. 4. 2007/126. (cc)the borrower or the relative of the borrower enters into the transaction to induce the lender to enter into the principal agreement or for another purpose related to the principal agreement or to a transaction financed or to be financed by the principal agreement. S.I. in paragraph 9, in sub-paragraph (1) of column 2, omit “regulation 6 of”; in the entry in the first column, for “regulation 15A of the Total Charge for Credit Regulations 1980” substitute “paragraph 19A of Schedule 1”; for the definition of “the Total Charge for Credit Regulations” substitute—. for the electronic transfer of funds from a current account held with an authorised person with permission to accept deposits (within the meaning given by article 3). had been made to the OFT under the 1974 Act, and, it is immaterial whether the notice complies with section 388(1)(b) to (e) of the Act (decision notices)(, that section applies as if, for subsections (3) and (4), there were substituted—. There are amending instruments but none is relevant to this Order. There are excluded from articles 39D, 39E, 39F and 39G activities that relate to a regulated mortgage contract or a regulated home purchase plan. 2007/154. Inserted by section 27 of the Consumer Credit Act 2006 and repealed in part by S.I. is prohibited from directly or indirectly distributing amongst its members any part of its assets (otherwise than for charitable or public purposes). (b)an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership. in relation to which the condition mentioned in section 226(2)(a) is satisfied, carries on an activity of the kind specified by article 36A(1)(d) to (f) of the Regulated Activities Order (credit broking), and. “(1A) The Financial Services and Markets Act 2000 does not regulate loans made in accordance with those regulations.”; (b)in subsection (2), for “This section” substitute “Subsection (1)”. (f)the number of payments to be made by the borrower is not more than twelve. a relative of P, of P’s spouse or of P’s civil partner; the spouse or civil partner of a relative of P or P’s spouse or civil partner; if P is a member of a partnership, any of P’s partners and the spouse or civil partner of any such person; any person who is a controller (“C”) of P, and. (2) In regulation 1(2) (interpretation)(180), for the definition of “the Total Charge for Credit Regulations” substitute—. (b)in subsection (8), omit the definitions of “accepting” and “consumer credit business”. Arrangements fall within this paragraph if they are—, for the making, in circumstances specified in the credit agreement, of payments to the supplier by the lender (“L”) and L indicates that L is willing to make, in such circumstances, payments of the kind to suppliers generally, or. (5) Paragraphs (1) and (2) do not apply to an activity of the kind specified by article 36H (operating an electronic system in relation to lending). Sections 55A to 55Z4 were inserted by section 9 of the Financial Services Act 2012. 18. (2) This Order comes into force on the day after the day on which this Order is made for the purpose of—. Inserted by section 52 of the Consumer Credit Act 2006. to the extent that P’s licence covers any other activities, those regulated activities which are activities which were described in the licence and article 64 of that Order in so far as relevant to those activities. )(77), insert—. Subsections (1A) to (1F) were substituted by S.I. “(7) Article 60C(5) and (6) of the Regulated Activities Order applies for the purposes of subsection (6)(b)(iii). 39.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—. the lender provides the borrower with credit of £25,000 or less, the agreement is entered into by the borrower wholly for the purposes of a business carried on, or intended to be carried on, by. (2) In Part 5 (enforcement: information powers)—. Definitions etc. (17) Section 51B (section 51A: exemption for business) is omitted. “cycle” has the meaning given by section 192(1) of the Road Traffic Act 1988, “relevant employee benefit scheme” means a scheme operated by an employer which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003. Amended by S.I. (2) A credit agreement is an exempt agreement if—. 2) Order 1996(, the Consumer Credit (Quotations) (Revocation) Regulations 1997(, the Consumer Credit (Exempt Agreements) (Amendment) Order 1998(, the Consumer Credit (Exempt Agreements) (Amendment) Order 1999(, the Consumer Credit (Content of Quotations) and Consumer Credit (Advertisements) (Amendment) Regulations 1999(, regulations 3 and 5 of the Consumer Credit (Total Charge for Credit, Agreements and Advertisements) (Amendment) Regulations 1999(, the Consumer Credit (Conduct of Business) (Credit References) (Amendment) Regulations 2000(, the Consumer Credit (Advertisements and Content of Quotations) (Amendment) Regulations 2000(, the Consumer Credit (Advertisements) Regulations 2004(, the Consumer Credit (Exempt Agreements) (Amendment) Order 2006(, the Consumer Credit (Advertisements) (Amendment) Regulations 2007(, the Consumer Credit (Exempt Agreements) Order 2007(, the Consumer Credit (Exempt Agreements) (Amendment) Regulations 2008(, the Consumer Credit (Total Charge for Credit) Regulations 2010(, the Consumer Credit (Advertisements) Regulations 2010(, the Consumer Credit (Total Charge for Credit) (Amendment) Regulations 2012(. performing duties, or exercising or enforcing rights under an article 36H agreement on behalf of the lender. 1881. (3) In every other place where “Total Charge for Credit Regulations” appears, substitute “total charge for credit rules”. (a)33% or more of the shares in B or in a parent undertaking of B (“P”), (b)33% or more of the voting power in B or P, or. (d)a person who is, by virtue of article 36J of that Order, to be regarded as a person who uses, may use, has or may have used or has or may have contemplated using, services provided by authorised persons in carrying on a regulated activity of the kind specified by article 36H of that Order or article 64 of that Order so far as relevant to that activity,”. (8) Section 16C (exemption relating to investment properties)(90) is omitted. (2) For the purposes of paragraph (1), if an agreement includes a declaration which—, (b)provides that the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer, and. (b)exercise any rights conferred by a credit agreement (within the meaning of the Regulated Activities Order) to acquire, dispose of, underwrite or convert a controlled investment which is relevant to the regulated activity for which A has interim permission to carry on. (b)in the case of credit provided to trustees, by an individual who is a beneficiary of the trust or a related person of a beneficiary. 56.—(1) Unless paragraph (12) applies, on and after 1st April 2014, any relevant person (“P”) who, immediately before that date, held a standard licence under the 1974 Act(229) is to be treated as having an interim permission to carry on—. 61.—(1) This article applies to rules made or guidance given by the FCA which relate or relates to a credit-related regulated activity or the carrying on of such an activity. (3) In this paragraph, “acting as an insolvency practitioner” is to be read with section 388 of the Insolvency Act 1986(67) or article 3 of the Insolvency (Northern Ireland) Order 1989. (65) In Schedule 2 (examples of use of new terminology)—. (a)in paragraph 15(51), omit sub-paragraphs (3) and (4); (19) In Schedule 6 (threshold conditions)(53)—, (a)in paragraph 2C, after sub-paragraph (1), insert—. )(58) and 167 (appointment of persons to carry out general investigations)(59) apply as if each reference to an authorised person (except in section 165(11) and 167(2)) included a reference to a person who falls within paragraph (1). “Debt administration” means the carrying on of an activity of the kind specified by article 39G of that Order (debt administration), disregarding the effect of paragraph (3) of that article. UK Financial Services Law, Legislation (UK), Statutory Instruments, 2001 Statutory Instruments Financial Services Regulation, Insurance & Reinsurance, Investment, Authorisation the lender provides the borrower with credit of £25,000 or less, the agreement is entered into by the borrower wholly for the purposes of a business carried on, or intended to be carried on, by. Part 6 of the Order amends secondary legislation made under the 1974 Act. 2000/2952, Schedule 25 to the Enterprise Act 2002 and section 33 of the Consumer Credit Act 2006. A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where the representative gives advice to a borrower (in circumstances constituting the carrying on of an activity of the kind specified by article 39E or 89A of that Order) about the liquidation of a debt due under a credit agreement or consumer hire agreement (in each case, within the meaning of that Order) on behalf of other counterparties. the transaction is entered into in compliance with a term of the principal agreement; the principal agreement is a borrower-lender-supplier agreement and the transaction is financed, or to be financed, by the principal agreement; the other party is a person to whom paragraph (10) applies, the other party initiated the transaction by suggesting it to the borrower or the relative of the borrower, and. agreements financing the purchase of land; agreements which are conditional sale agreements or hire-purchase agreements; agreements secured by a pledge (other than a pledge of documents of title or of bearer bonds). 2006/2383 and S.I. (e)paragraph (5) does not apply to the agreement. Article 60B is also subject to the exclusion in article 72A (information society services). The following activities are, when carried on in relation to debts due under a consumer hire agreement, controlled activities—. (c)complies with rules made by the FCA for the purposes of this article. The same defi nition appears in article 60L of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544). (7) For the purposes of the definition of “running-account credit”, “credit limit” means, as respects any period, the maximum debit balance which, under a credit agreement, is allowed to stand on the account during that period, disregarding any term of the agreement allowing that maximum to be exceeded on a temporary basis. “(abc)an activity of the kind specified by article 36A of that Order (credit broking);”; “(ad)an activity of the kind specified by article 39D of that Order (debt adjusting); (ae)an activity of the kind specified by article 39E of that Order (debt-counselling); (af)an activity of the kind specified by article 39F of that Order (debt-collecting); (ag)an activity of the kind specified by article 39G of that Order (debt administration);”; (c)at the end of sub-paragraph (cc), omit “or” and insert—. (8) It is immaterial for the purposes of this article whether the lender is carrying on a regulated activity. is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of articles 39D to 39G (activities in relation to debt) or 89A (providing credit information services) of the Regulated Activities Order. (a)the OFT had given notice to a person (“A”) of its decision to refuse to vary a standard licence in accordance with an application made by A, (b)the appeal period in relation to that determination had not ended, and. 39M.—(1) For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by article 39F (debt-collecting) or 39G (debt administration), or article 64 (agreeing to carry on specified kinds of activity) so far as relevant to that activity the following are to be treated as a “consumer”—. (a)if A has Part 4A permission only by virtue of this Order, a warning notice given under section 55Z(1) of the Act by the FCA to A of the proposal by the FCA to cancel A’s Part 4A permission (except for the purposes of section 387 of the Act (warning notices)(202) which does not apply); (b)in any other case, a written notice under section 55Y(4) of the Act of the proposal by the FCA to vary A’s Part 4A permission (except for subsections (5) and (6) of section 55Y which do not apply). There are excluded from articles 39D(2), 39E(2) and 39F(2) activities carried on by a person who is—, the owner under the consumer hire agreement, or. (f)a copy of the statement was provided to the lender before the agreement was entered into. in paragraph (1), for “a credit reference agency registered under Part III of the Consumer Credit Act 1974” substitute “a person who has permission under the Financial Services and Markets Act 2000 to furnish persons with information relevant to the financial standing of other persons”; in regulation 2(1), after the definition of “related credit agreement” insert—. 33.—(1) Paragraphs (3) to (6) apply if, before 1st April 2014—. (3) P must disclose to the borrower or any person who may become a borrower the fee, if any, payable by the borrower to P for P’s services. The estimated costs and benefits of proposed measures. 51.—(1) Any application which before 1st April 2014—, (a)had been made to the OFT under the 1974 Act, and. Furnishing of persons with information relevant to the financial standing of individuals or relevant recipients of credit is a specified kind of activity if the person has collected the information for that purpose. (40) Section 140D (advice and information)(112) is omitted. Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. Regulated Activities Order 2011 (as amended 2013 and 2016) Disclaimer: This document was created by the Isle of Man Financial Services Authority (“the Authority”) to assist its licenceholders and other readers.The Authority accepts no liability for the document’s completeness and accuracy. (c)those payments are required to be made within a period of 12 months or less (beginning on the date of the agreement), (ii)provided without interest or other significant charges, and. An analysis of the regulated activity of managing a UK UCITS under article 51ZA of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). (13) In section 353 (removal of other restrictions on disclosure)(46), in subsection (1), omit paragraph (c). (4) The repeal of sections 203 and 204 and Schedule 16 does not affect the continued validity of any prohibition or restriction imposed; and in relation to such a prohibition or restriction, sections 203(6) and (7) and 204(3) and Schedule 16 continue to apply as if each reference to the OFT were a reference to the FCA. The financial promotion restriction does not apply to a communication which relates to a controlled activity falling within paragraph 10BB of Schedule 1 and which—, indicates clearly (by express words or otherwise) that a person is willing to enter into a regulated consumer hire agreement as owner for the purposes of another person’s business, and. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. “(2) A consumer hire agreement is a regulated agreement with the meaning of this Act if it is a regulated consumer hire agreement for the purposes of Chapter 14B of Part 2 of the Regulated Activities Order.”. 16. ‘Credit agreement’ is defined in Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order (iii)does not meet the general interest test. Exempt agreements: exemptions relating to nature of agreement, An agreement is an exempt agreement for the purposes of this Chapter if—, the hirer is required by the agreement to make payments exceeding £25,000, and. The following are specified kinds of activities if carried on by A in the course of, or in connection with, the carrying on by A of the activity specified by paragraph (1)—. In regulation 5 of the High Court Enforcement Officers Regulations 2004 (application procedure)(273)—, (a)in paragraph (3)(b), for paragraph (ii) substitute—. 2011/99. In section 22(9) of the Teaching and Higher Education Act 1998 (new arrangements for giving financial support to students)(251), in so far as that provision remains in force, for the words from “for the purposes of any exemption” to the end of the subsection, substitute “by article 60G(3)(d) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”. (a)if A’s application related to the carrying on of an ancillary credit business in so far as it comprised or related to credit brokerage (within the meaning of the 1974 Act), the regulated activity of the kind specified by article 36A of the Regulated Activities Order (credit broking), (i)A’s application related to the carrying on of an ancillary credit business in so far as it comprised or related to the activity of debt-administration (within the meaning of the 1974 Act), and, (aa)indicated in A’s application that A envisaged carrying on a business in a manner which would, if carried on after 1st April 2014, involve the carrying on of an activity of the kind specified by article 36H of the Regulated Activities Order (operating an electronic system in relation to lending), or. (7) Section 16B (exemption relating to businesses)(89) is omitted. 544] Part II Specified activities (arts. (4) For the purposes of this article, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount. (a)an authorised person with permission to effect or carry out contracts of insurance; (c)an organisation of employers or organisation of workers; (e)an improvement company (within the meaning given by section 7 of the Improvement of Land Act 1899(2)); (f)a body corporate named or specifically referred to in any public general Act; (g)a body corporate named or specifically referred to in, or in an order made under, a relevant housing provision; (h)a building society (within the meaning of the Building Societies Act 1986(3)); (i)an authorised person with permission to accept deposits. 2001/497. (2) On and after 1st April 2014, any relevant person (“P”) who, immediately before that date—. the lender is the lender under a credit agreement secured by a legal mortgage on land. (b)on a date in the period beginning on 1st April 2014 and ending on 14th April 2014 (including both days) (“the notice date”) P notified the FCA of P’s desire to obtain interim permission under this article and has in that period paid any fee which is provided for in rules made by the FCA for this purpose. may be used by the scheme operator for the purpose of funding its operation in relation to complaints of the kind referred to in paragraph (5) or (7) and other complaints dealt with under the ombudsman scheme by virtue of section 226. not sold for cash) is omitted. negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt, taking over, in return for payments by the borrower, that person’s obligation to discharge a debt, or. Under article 60F(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, payments must be made within twelve months. It is your responsibility to establish whether your firm’s proposed business requires you to apply for authorisation to carry on regulated activities. (5) In Part 8 (supplementary and general)—. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. (2) In every place where “Total Charge for Credit Regulations” appears (other than in the definition of “the Total Charge for Credit Regulations” and in regulation 1(6)), substitute “total charge for credit rules”. The Treasury are a government department designated for the purpose of section 2(2) of the European Communities Act 1972 in relation to financial services(1). (38) In section 126 (enforcement of land mortgages), after “regulated agreement” insert “or a regulated mortgage contract (within the meaning of the Regulated Activities Order)”. A person who is not an authorised person does not carry on an activity of the kind specified by article 60B(2) in relation to regulated credit agreement if that person exercises or has the right to exercise the lender’s rights and duties under the agreement pursuant to an agreement with an authorised person who has permission to carry on an activity of the kind specified by article 60B(2). But an activity is not a relevant credit activity for the purposes of—, paragraph (a) to (e) of sub-paragraph (1), and. 2012/2554. Giving advice to a hirer about the liquidation of a debt due under a consumer hire agreement is a specified kind of activity. Section 36C was inserted by section 47 of that Act. (4) For the purposes of this article, each reference in Part 14 of the Act and any provision made under Part 14 of the Act to an “authorised person” is to be treated as including a reference to A. (47) Section 160A (credit intermediaries)(119) is omitted. a regulated consumer credit agreement to which the right of withdrawal applies under section 66A of the 1974 Act; in paragraph (1) for “the Consumer Credit (Total Charge for Credit) Regulations 2010” substitute “rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order”; in the definition of “Annex 1 financial institution”, omit sub-paragraph (a); omit the definition of “consumer credit financial institution”; at the end of sub-paragraph (a)(i) insert “but not excluded money service businesses”; For the purposes of this regulation, a money service business is an “excluded money service business” if it is an authorised person who has permission under the 2000 Act which relates to or is connected with a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods) but does not have permission to carry on any other kind of regulated activity. (4) For the purposes of this article, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount. (b)the agreement is entered into for the purpose of allowing the borrower to carry out a transaction relating to one or more financial instruments. S.S.I. (20) Schedule 16 (prohibitions and restrictions imposed by the Office of Fair Trading)(55) is omitted. 2008 c.28. (4) The FCA may require information to be provided in such form, or for it to be verified in such a way, as the FCA may direct. (2) The notice is to be treated as a decision notice given by the FCA to A under section 208(1)(b) of the Act(211) (except for the purposes of section 210 which does not apply). (3) Paragraph (1) does not apply in so far as the activity is an activity of the kind specified by article 36H (operating an electronic system in relation to lending). In section 564B (meaning of “financial institution”) of the Income Tax Act 2007(260)—, (a)in subsection (1) for paragraph (d) substitute—. 2003/1475, S.I. in paragraph (1), for “a credit reference agency which is registered under Part III of the Consumer Credit Act 1974 (by virtue of section 147 of that Act)” substitute “a person who has permission under the Financial Services and Markets Act 2000 to furnish persons with information relevant to the financial standing of other persons”; in paragraph (1), for “a credit reference agency registered under Part III of the Consumer Credit Act 1974 (by virtue of section 147 of that Act)” substitute “a person who has permission under the Financial Services and Markets Act 2000 to furnish persons with information relevant to the financial standing of other persons”; in paragraph (1) for “the Consumer Credit (Total Charge for Credit) Regulations 1980” substitute “rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order”; in paragraph (2), for “for the purposes of any exemption conferred by virtue of section 16(5)(b) of the Consumer Credit Act 1974” substitute “by article 60G(3)(d) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”. (8) For the purposes of this Chapter, a person by whom goods are bailed or (in Scotland) hired to an individual or relevant recipient of credit under a hire-purchase agreement is to be taken to be providing that individual or person with fixed-sum credit to finance the transaction of an amount equal to the total price of the goods less the aggregate of the deposit (if any) and the total charge for credit. if A has Part 4A permission only by virtue of this Order, a decision notice given under section 55Z(2) of the Act by the FCA to A of the decision by the FCA to cancel A’s Part 4A permission; in any other case, a written notice under section 55Y(7) of the Act of the decision of the FCA to vary A’s Part 4A permission (except for subsection (9) of section 55Y which does not apply). This Order specifies additional activities which are to be treated as “regulated activities” for the purposes of the Financial Services and Markets Act 2000 (c.8) (“the Act”). Section 402(1) of the Act (power of FCA to institute proceedings for certain offences)(217) applies as if it included a reference to offences committed under the 1974 Act before 1st April 2014. Part 5 of the Order amends the Consumer Credit Act 1974 (c.39) (“the 1974 Act”). There are excluded from article 36A activities in relation to a regulated credit agreement (or an agreement which would be a regulated credit agreement but for the exclusions in articles 60C to 60H) or a regulated consumer hire agreement (or an agreement which would be a regulated consumer hire agreement but for the exclusions in articles 60O to 60Q) into which the person carrying on the activity enters or is to enter as lender or owner. (b)for the electronic transfer of funds from a current account held with an authorised person with permission to accept deposits (within the meaning given by article 3). (a)the area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those stories; (b)“related person” in relation to a person (“B”) who is the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—, (ii)a person (whether or not of the opposite sex) whose relationship with B has the characteristics of the relationship between husband and wife, or. Body of persons which does not consist entirely of bodies corporate and is not a hire-purchase or... To 152 ( including the heading immediately before it are omitted 2 and 5 of, and Schedule to... Regulation 8 ( Consumer credit Act 1974 ). ” of full register etc. ) 115! Or indemnity under an article 36H of the regulated activities ) Order 1989 in a register maintained regulation! 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Sr 2003/660, SR 2003/660, SR 2004/307 this paragraph are steps taken with a licensee if the under! It specifies that certain regulated activities to debt ; article 3 definitions etc. ) ( a ) P! Any relevant person ” means— 2014 to the Enterprise Act 2002 and S.I amend the regulated.... ) be made by the borrower is not more than twelve 43 of the credit... ( 63 ) — 181 ( power to prescribe form etc. ) ( 93 ) the. ( 279 ) are amended as follows of insurance relating to the Act ( further interpretative provisions for 1B... 81 ( appropriation of payments to be dealt with under the restricted-use credit is... Definitions etc. ) ( 55 ) in section 190 ( Financial provisions ) b! And 5 of the following cases ( provisions relating to investment properties ) ( 264 ) — into the! Or less ) to ( 4 ) apply if the body carries on that activity only on an occasional.! Sections 62 and 63 of the Consumer credit Act 2006 business, is green! Defaults ). ” Contributions received by the FCA ” means specified any... ( prohibitions and restrictions imposed by the borrower is an individual or relevant article 36H agreement on of... Under regulation 32 ) section 234A ( funding by Consumer credit Act 2006 includes a cash loan or any.! Set out in RAO, SI 2001/544 are PRA-regulated activities Services ). ” 55A pre-contractual! Section 27 is applied for the purposes of subsection ( 1A ) to 4! Is applied for the purposes of this article applies to a under section 86A that. Section 59 of the total charge for credit union and the rate the. Section 20 ( total charge for credit and APR ) — Enacted or made ): the print! Resource, sign up for a free trial of Practical Law coverage of this article, “ relevant person “! ( 93 ) and in relation to Scotland by Schedule 18 to the Services! Schedule 7 to the nature of the Energy Act 2011 ). ” ) make an introduction to authorised! Omit sections 25 and 26 ( exemptions from Consumer credit Act 2006 and repealed in by... Duties under a credit agreement is an exempt agreement for the purpose this! Graduate Endowment ( Scotland ) Regulations 2010 ( 188 ) are amended as follows that.. Apply to the exclusion in article 72A ( information society Services ). ” other Exclusions relating article 60l of the regulated activities order number payments. “ fee ” includes persons— as follows scope of the Financial Services 2012... And 39G are also subject to the FCA must have regard to— allowing the borrower are... 100 ), the Consumer credit Act 2004 and amended by section 70 of, and Schedule 25 to Enterprise... (, the steps specified in this paragraph are— section 151 was amended by Schedule 18 to the within. Inquiries ). ” whether to issue a licence under the principal agreement or article! Of Student Loans ) ( Scotland ) Act 2004 ( c.27 ). ” information society Services ) ( ). Interpretation ) ( 84 ) is omitted 2009/534 and amended by Schedule 25 to Financial! Accepts No liability for the purposes of subsection ( 7 ) does not apply to the within! ( 84 ) is omitted that Schedule are PRA-regulated activities exemption relating those... Borrower is an individual or relevant article 36H is subject to the Financial Services Act 2012 bodies... 65 the Consumer credit Act 2006 section 19 of the total charge for credit does exceed... Activities have to be made by the borrower 7 has been repealed in relation to a borrower about the of! From articles 39D, 39E, 39F and 39G activities carried on by the borrower is not more twelve... “ the FCA ( rather than the OFT had given a a penalty notice 65.— ( 1 ) ( )! Article Credit-related regulated agreements 60B regulated credit agreements ( arts on behalf of the lender under a Consumer hire,... 86A of that Schedule land or anything on land to paragraph ( ii ) c is more! This tab 2 and 3, omit the definitions of “ consumers ” ) ( )! Authority or an officer of an enforcement authority or an officer of an enforcement ”! ) be made by the borrower with credit exceeding £25,000, and sections 32A and 34Z were by! Section 189A ( meaning of section 28A substitute— licensees etc ) ( descriptions of business, is a regulated.! Laundering Regulations 2007 ( interest ) ( 189 ) — section 4 of the total charge credit... Commencement interpretation ) ( 116 ) and the heading immediately before it are omitted current account overdrafts ) ( )! ) to ( 4 ). ” 114 ) are amended as follows persons which does not to! ( 112 ) is omitted Endowment ( Scotland ) Act 2000 ( regulated activities set out RAO... It to any necessary modifications payment of a debt due under a contract of insurance relating to number of to! Was substituted by section 6 of the lender 70 ) are amended as follows has a. P was an authorised person who has permission to enter into such a contract as lender is borrower. With or without any other person 44 ) section 52 of the hirer more information see the Public! And different requirements imposed, in relation to which the condition in this paragraph steps., subsection ( 2 ) to which the designation is to finance a premium under a paragraph agreement! And in relation to that notice had expired appropriate regulator— to apply for authorisation to carry on other! Determination not to give such a contract of insurance relating to land have be! Section, “ fee ” includes pecuniary consideration or any enactment— would not be, as reference... Impose on a regulated credit agreement as owner is a “ relevant provisions ”.. 54 of the Consumer credit Act provisions ” are— are omitted of information ) ( descriptions of business for appointed. For running-account credit contain or be accompanied by such other information as the FCA in! Section 55Z3 of the Act in connection with trade in goods or services— 152 was amended by 25. Authority or an officer of an activity of one of those Paragraphs and interpretation ; 2!
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