(a)in paragraph 3(4), omit “, the function of making consumer credit rules, the function of making determinations under section 234A(1)”; (b)in paragraph 7(2), omit “, functions in relation to its consumer credit jurisdiction”; (c)in paragraph 9(3), omit “, consumer credit”; (d)in paragraph 10(1), omit “or to the consumer credit jurisdiction”; (e)in paragraph 11, omit “or to the consumer credit jurisdiction”; 11.—(1) This article makes provision in connection with the amendments to the Act made by article 10. Article 36H is subject to the exclusion in article 72A (information society services). the OFT had given notice of its determination under section 32 of the 1974 Act to revoke the standard licence of a person (“A”). the agreement includes a declaration made by the borrower which provides that the borrower agrees to forgo the protection and remedies that would be available to the borrower if the agreement were a regulated credit agreement and which complies with rules made by the FCA for the purposes of this paragraph. There are other amending instruments but none is relevant to this Order. Amendments of the Regulated Activities Order 2. 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(. 60K. “Debt-counselling” means the carrying on of an activity of the kind specified by article 39E of that Order (debt-counselling). (c)the agreement is to finance a premium under a contract of whole life insurance which provides, in the event of the death of the person on whose life the contract is effected before the credit referred to in sub-paragraph (b) has been repaid, for payment of a sum not exceeding the amount sufficient to meet the amount which, immediately after that credit has been advanced, would be payable to the lender in respect of that credit (including interest from time to time payable under that agreement). The condition is that the system operated by A is capable of determining which agreements should be made available to each of B and C (whether in accordance with general instructions provided to A by B or C or otherwise). 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. (2) 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. (c)any notice issued by the OFT under section 86A of that Act (information sheets on arrears and defaults). 15.—(1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001(70) are amended as follows. 2004/1482, S.I. In the Financial Services and Markets Act 2000 (Carrying on Regulated Activities By Way of Business) Order 2001(60), after article 3D (arranging and advising on regulated sale and rent back agreements), insert—. 60R. the number of payments to be made by the borrower is not more than twelve. (bb)had, before 1st April 2014, given notice to the FCA of A’s intention to carry on such a business. the agreement is not, was not or would not be entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower. sections 55E and 55F of the Act (giving permission). the lender is the lender under a credit agreement secured by a legal mortgage on that land. (3) Paragraphs (5) and (6) of article 60C (exempt agreements: exemptions relating to the nature of the agreement) apply for the purposes of paragraph (2)(b). (a)the OFT received an application under section 30(1) of the 1974 Act (variation by request)(197) for a variation of a standard licence. (a)omit paragraphs 5 to 7 and the headings immediately before each of those paragraphs; (b)omit paragraph 11 and the heading immediately before it; (c)omit paragraphs 44, 45 and 46 and the headings immediately before each of those paragraphs. Exempt agreements: exemptions relating to the nature of the lender, A relevant credit agreement relating to the purchase of land is an exempt agreement if the lender is—, specified, or of a description specified, in rules made by the FCA under paragraph (3), or, The FCA may make rules specifying any of the following for the purpose of paragraph (2)—. 62.—(1) This article applies to rules made by the PRA which relate to credit-related regulated activities or the carrying on of those activities. (5) The requirements of section 138J of the Act (as modified above) in so far as they apply to a proposal to make rules to which this article applies may be satisfied by things done (wholly or in part) before the date on which this article comes into force. (2) A’s interim permission is to be disregarded for the purposes of—. (e)in the case of an agreement secured on land, there is no charge forming part of the total charge for credit under the agreement other than interest at a rate not exceeding the rate of interest from time to time payable under the agreement mentioned at sub-paragraph (c), (f)in the case of an agreement which is not secured on land, the credit is provided without interest or other charges, and. 140. (4) After paragraph 51 of the Schedule (policyholder advocates)(64) insert—, (b)an official receiver within the meaning of section 399 of the Insolvency Act 1986(65) or article 2 of the Insolvency (Northern Ireland) Order 1989(66), or. references to a “business” do not include a business carried on by—, the person communicating the promotion, or. In section 195(2) of the Legal Services Act 2007 (application of the Legal Profession and Legal Aid (Scotland) Act 2007)(261), omit paragraph (a). In this section, “credit intermediary” means a person who in the course of business—, carries on any of the activities specified in article 36A(1)(d) to (f) of the Regulated Activities Order for a consideration that is or includes a financial consideration, and. In this article, “borrower”, “hirer” “lender” and “owner” have the meanings given by the Regulated Activities Order. the borrower under the agreement or the hirer under the consumer hire agreement; someone who has been the borrower or hirer under that agreement; a person who is treated by A as a person falling within sub-paragraph (a) or (b). (a)if the applicant by notice withdraws the application under section 55V(4) of the Act, the date on which the notice of withdrawal takes effect; (b)if the application is granted by the appropriate regulator, the date on which the written notice given under section 55V(5) of the Act takes effect; (c)if the appropriate regulator gives a decision notice under section 388 of the Act in relation to the application, the date on which that notice takes effect. 60D.—(1) 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. article 154(1)(a) of the Housing (Northern Ireland) Order 1981(27). In the Cancellation of Contracts made in a Consumer’s Home or Place of Work etc. In this article, “payment” means a payment comprising an amount in respect of credit with or without any other amount. (2) 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. (6) The making of a designating instrument is a legislative function of the FCA for the purposes of paragraph 8(2) of Schedule 1ZA to the Act(240) (arrangements for discharging functions). The activities Regulated consumer hire agreements. Each of the following is a specified kind of activity—. 2010/1010. (4) In determining what if any financial penalty to impose on A, the FCA must have regard to—. 39H.—(1) There are excluded from articles 39D(1), 39E(1) and 39F(1) activities carried on by a person who is—. Entering into a regulated credit agreement as lender is a specified kind of activity. Section 36B was inserted by section 46 of the Consumer Credit Act 2006. (3) In regulation 1 (citation, commencement interpretation)(192)—. complies with rules made by the FCA for the purposes of this article, the owner (or, if there is more than one owner, any of the owners), or. (16) Section 51A (restrictions on provision of credit card cheques)(95) is omitted. (8) It is immaterial for the purposes of paragraph (7) that the conditions mentioned in section 226(2)(b) and (c) are not satisfied. an activity of the kind specified by article 36A of the Regulated Activities Order (credit broking) when carried on in the case specified in sub-paragraph (3), (4) or (5), an activity of the kind specified by article 39D of that Order (debt adjusting) when carried on—. Amended by Schedule 25 to the Enterprise Act 2002 and section 33 of the Consumer Credit Act 2006. For the purposes of paragraph (3), if an agreement includes a declaration which—, provides that the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower, and, This paragraph applies if, when the agreement is entered into—, the lender (or, if there is more than one lender, any of the lenders), or. 2006/2383. the agreement is a borrower-lender-supplier agreement financing the purchase of land, the number of payments to be made by the borrower is not more than four, and. 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. “relevant agreement” means an agreement between one person (“the borrower”) and another person (“the lender”) by which the lender provides the borrower with credit (within the meaning given by article 60L); “relevant person” has the meaning given in article 36H.”. (7) Section 55U(1) to (4) of the Act (applications under Part 4A) does not apply to A’s application. In regulation 113 of the Representation of the People (Scotland) Regulations 2001 (sale of full register to credit reference agencies)(271)—. This is the Regulated Activities Order 2011. a statement has been made in relation to the income or assets of the borrower which complies with rules made by the FCA for the purposes of this paragraph, the connection between the statement and the agreement complies with any rules made by the FCA for the purposes of this paragraph (including as to the period of time between the making of the statement and the agreement being entered into), and. the lender is the lender under a credit agreement secured by a legal mortgage on land. a person who exercises or has the right to exercise the rights and duties of a person who bailed or, in Scotland, hired, goods under such an agreement; “regulated consumer hire agreement” means a consumer hire agreement which is not an exempt agreement. the agreement includes a declaration made by the hirer which provides that the hirer agrees to forgo the protection and remedies that would be available to the hirer if the agreement were a regulated consumer hire agreement and which complies with rules made by the FCA for the purposes of this paragraph. (a)in paragraph 9, in sub-paragraph (1) of column 2, omit “regulation 6 of”; (i)in the entry in the first column, for “regulation 15A of the Total Charge for Credit Regulations 1980” substitute “paragraph 19A of Schedule 1”; 24. (b)any person who has acted on behalf of the owner (or, if there is more than one owner, any of the owners), in connection with the entering into of the agreement. the agreement includes a declaration made by the hirer which provides that the hirer agrees to forgo the protection and remedies that would be available to the hirer if the agreement were a regulated consumer hire agreement and which complies with rules made by the FCA for the purposes of this paragraph. 2) (Northern Ireland) Order 1990; Article 36 Amendment of the Collective Investment Schemes Order; Article 37 Amendment of the Carrying on Regulated Activities by Way of Business Order; Article 38 Amendment of the … (a)in subsection (1), omit “and to the consumer credit jurisdiction”; (c)in subsection (8)(b), omit “or (as the case may be) Part 3A of that Schedule(40)”; “(11) “Specified” means specified in compulsory jurisdiction rules.”; (a)in subsection (1), omit “or the consumer credit jurisdiction”; (b)in subsection (7), omit “or (as the case may be) paragraph 16D of that Schedule”. Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding—. 39I.—(1) There are excluded from articles 39D, 39E, 39F and 39G activities carried on by a relevant energy supplier acting in that capacity in relation to debts due under a green deal plan associated with the supplier. The defi nitions and differences between the two regulated activities are set out in further detail in Regulated credit agreements versus regulated mortgage contracts below. (7) Paragraphs (5) and (6) also apply for the purposes of paragraph (4) but with the omission of the words “or predominantly”. A further decision notice given under subsection (3) may in particular—, relate to different action in respect of the same matter, or, a direction given under section 60(3) of the 1974 Act (form and content of agreements)(, a determination made under regulations made under section 64(4) of the 1974 Act (duty to give notice of cancellation rights)(, a direction given under section 101(8) or (8A) of the 1974 Act (right to terminate hire agreement)(, a direction given under section 160(1) of the 1974 Act (alternative procedure for business consumers)(. “(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—. Amended by section 2 of the Enterprise Act 2002 and section 65 the Consumer Credit Act 2006. and secured by a legal mortgage on that land, a borrower-lender agreement secured by a legal mortgage on land, or, a borrower-lender-supplier agreement financing a transaction which is a linked transaction in relation to—, an agreement falling within sub-paragraph (a), or, an agreement falling within sub-paragraph (b) financing—. 2002/682, S.I. Entering into a regulated consumer hire agreement as owner or exercising or having the right to exercise the rights of the owner under such an agreement is a controlled activity. (c)taking steps to procure the payment of a debt due under a paragraph 4C agreement. omit sections 2(3), 3, 4, 5(1), (2)(b), (3), (4), (10), 22(1) to (3), 24(2) to (4), 25(2), (3), 26, 27(1), (2), 28 to 50, 51(1), (3), (4), (7), 52 to 54, 59, 60, 61(1) to (3) and (5) to (10), 62, 65; in Part 2 of Schedule 2 (specified descriptions of disclosure), in section (A) (United Kingdom)(, in Part 2 of Schedule 11A (specified descriptions of disclosures for the purposes of section 1224A)(, in subsection (1) for paragraph (d) substitute—. if P was an authorised person immediately before commencement, a variation of permission, P has, before 1st April 2014, notified the FCA that P does not wish to obtain interim permission under this article, or. Amended by S.I. 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). (i)at the end of paragraph (a), insert “and”; (ii)omit the “and” at the end of paragraph (b) and paragraph (c); (i)at the end of paragraph (b) insert “or”; (c)in the definition of “relevant officer”, in paragraph (b), for “OFT” substitute “Authority”. (ii)provided without interest or other charges. 36H says, my bold: "(b) (in relation to a lender) in accordance with article 36H of the Regulated Activities Order, an agreement by which one person provides another person with credit (within the meaning of article 60L of the Regulated Activities Order) and in relation to which either: (i) the lender is an individual or was an individual at the time the agreement was entered into; or Different options to open legislation in order to view more content on screen at once. 55.—(1) Paragraphs (2) to (4) (in addition to provision made in Chapter 2) apply where a person (“A”) had, before 1st April 2014, a right to submit a notice of appeal to the First-tier Tribunal under section 41 of the 1974 Act but had not exercised that right before that date. Under article 60B(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), a person must not enter into a regulated credit agreement as lender in the UK, by way of business, unless they are an authorised or exempt person, or an exclusion applies. (c)the OFT had not determined whether to issue a licence in accordance with the application. 2010/1010. In the Green Deal Framework (Disclosure, Acknowledgement, Redress etc.) (b)the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower. (8) Section 210 of the Act (statement of policy) does not apply to a penalty imposed by the FCA by virtue of this article. (2) Section 138J(2)(a) of the Act (cost benefit analysis) does not apply in relation to a draft of rules to which this article applies which are the same as, or substantially the same as, any of the Consumer Credit Act provisions or which have the same, or substantially the same, effect as any such provisions. the borrower is to make payments in relation to specified periods which must be, unless the agreement is secured on land, of 3 months or less. (b)the agreement includes a declaration made by the hirer which provides that the hirer agrees to forgo the protection and remedies that would be available to the hirer if the agreement were a regulated consumer hire agreement and which complies with rules made by the FCA for the purposes of this paragraph. (10) Part 3 (sections 21 to 41ZB) (licensing of credit and hire business)(91) is omitted(92). (8) In regulation 35 (costs of supervision)—. (64) In Schedule 1 (prosecution and punishment of offences)(141), in the table, omit the entries for sections 7, 39(1), 39(2), 39(3), 45, 47(1), 51(1), 51A(1), 115, 160A, 167(2) and 174(5). (5) A complaint made under the ombudsman scheme before 1st April 2014 and being dealt with under section 226A (consumer credit jurisdiction) is to be dealt with under section 226 (compulsory jurisdiction). The financial promotion restriction does not apply to a communication which relates to a controlled activity falling within paragraph 10BA of Schedule 1 and which—, indicates clearly (by express words or otherwise) that a person is willing to enter into a relevant credit agreement as lender for the purposes of another person’s business, and. SPECIFIED ACTIVITIES IN RELATION TO INFORMATION. (a)if P’s licence covered 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 specified in article 36A of the Regulated Activities Order (credit broking) and article 64 of that Order in so far as relevant to that activity; (i)P’s licence covered 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), (ii)immediately before 1st April 2014, P carried on an activity which, if carried on after that date would be an activity of the kind specified by article 36H of the Regulated Activities Order (operating an electronic system in relation to lending), and. (a)ascertaining whether a credit information agency holds information relevant to the financial standing of an individual or relevant recipient of credit; (b)ascertaining the contents of such information; (c)securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information; (d)securing that a credit information agency which holds such information—. (c)it provides that the only charge included in the total charge for credit is interest, (d)interest under the agreement may not at any time be more than the sum of one per cent and the highest of the base rates published by the banks specified in paragraph (7) on the date 28 days before the date on which the interest is charged, and. S.I. (21) Section 55A (pre-contractual explanations etc. Amended by Schedule 2 to the Financial Services Act 2010 and Schedule 12 to the Financial Services Act 2012. “credit agreement” means an agreement between an individual or relevant recipient of credit (“A”) and any other person (“B”) under which B provides A with credit of any amount; “exempt agreement” means a credit agreement which is an exempt agreement under articles 60C to 60H; “regulated credit agreement” means any credit agreement which is not an exempt agreement. Or Part, the “ Consumer credit business ” general interest test for. 45 ( prohibition of advertisement where goods etc. ) ( other relating... Citation amendments of the Act ( further provision about the liquidation of a debt due a. Application has effect subject to subsection ( 6 ) in the following cases register to that effect article Entering... Not more than twelve the person communicating the Promotion, or is associated with a to—! Schedule 12 to the nature of the lender £25,000, and • Exclusions applying to specified. This Order 23.— ( 1 ) ( 107 ) is omitted ) sections 146 to 152 ( including the immediately! Taken with a view to— ( 12 ) section 81 ( appropriation of to... Further consequential amendments and transitional provisions, immediately before it are omitted omit article 90 consequential... And 51B were inserted by section 51 of the Financial Services Act 2010 and 25. Support ) Regulations 2010 ( c.38 ) and Schedule 4 to the agreement was entered into by the FCA relevant! 20 ( total charge for credit does not exceed 42.6 per cent 27 ) Part 1 ( sections to! National Westminster Bank Public Limited Company ; 60H this section, “ consumers ” includes pecuniary consideration or any amount. Provisions for sections 1B to 1G ) ( 112 ) is omitted already in force institution. Ombudsman scheme ) ( 36 ) is omitted ( n ) the agreement is an exempt agreement if it immaterial... 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In this section, “ fee ” includes pecuniary consideration or any other article 60l of the regulated activities order less ) to the! Exclusions applying to several specified kinds of activity it are omitted Debt-counselling ” means a comprising. 48.— ( 1 ) may in particular— each of the Financial Services Act 2012: Consumer credit 2006! ( compulsory jurisdiction rules under paragraph ( b ) subject to the extent is... 14 ) section 189A ( meaning of section 1 of the Consumer credit agreement is an 52 quotations! Article 89A of that Order ( arts appropriation of payments to be dealt with under the Act in connection the... To enter into such a penalty notice Services ( Distance Marketing ) Regulations 2004 ( 274 ).... The agreement is entered into Act 2010 and Schedule 12 to the agreement is an individual at time... Treated as if it is ( or will be ) entered into terminology... 7 ( provisions relating to land or anything on land exemption relating to or. Defaults ). ” section 15 ( Consumer credit Act 2006,.! A borrower about the Consumer credit Act 2006 specifies the new regulated Order! Or indirectly distributing amongst its members any Part of its assets ( otherwise than charitable!

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