sub-paragraphs (a) to (e) of paragraph (4), and. the credit is provided to the borrower in the course of a business carried on by the borrower. (b)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. (a)in paragraph (2), in the definition of “credit intermediary”, for “section 160A” substitute “section 61A”; (b)in paragraph (2), for the definition of “the Total Charge for Credit Regulations” substitute—. 2001/1177. Administration pursuant to agreement with authorised person. 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 (b). (c)it does not provide for or permit an increase in the rate or amount of any item which is included in the total charge for credit, (d)the total charge for credit under the agreement is not 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 charge is imposed, and, (5) This paragraph applies to an agreement if—, (a)the total amount to be repaid by the borrower to discharge the borrower’s indebtedness may vary according to a formula which is specified in the agreement and which has effect by reference to movements in the level of any index or other factor, or, (ii)is not offered by a lender who is an employer to a borrower as an incident of employment with the lender, and. performing duties, or exercising or enforcing rights under an article 36H agreement on behalf of the lender. In this Act, “the total charge for credit” has the meaning given by the Regulated Activities Order for the purposes of Chapter 14A of Part 2 of that Order.”. “(3) Article 60C(5) and (6) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies for the purposes of paragraph (1).”. (27) Part 5A (sections 74A to 74B) (current account overdrafts)(103) is omitted. There are excluded from article 36A activities carried on by—. Amended by Schedule 25 to the Enterprise Act 2002 and section 31, 32 and 34 of the Consumer Credit Act 2006. (b)subject to subsection (8), an estimate of that difference. 25. 2004/2095. 41.—(1) The Education (Student Loans) (Repayment) Regulations 2009(291) are amended as follows. This would mean that only advice which makes a personal recommendation would be regulated. (6) In section 227 (voluntary jurisdiction)(37), in subsection (2)(e), omit “or the consumer credit jurisdiction”. article 60C (exempt agreements: exemptions relating to the nature of the agreement); article 60D (exempt agreements: exemptions relating to the purchase of land for non-residential purposes); article 60E (exempt agreements: exemptions relating to the nature of the lender); article 60G (exempt agreements: exemptions relating to the total charge for credit); article 60H (exempt agreements: exemptions relating to the nature of the borrower). It is a specified kind of activity for the lender or another person to exercise, or to have the right to exercise, the lender’s rights and duties under a regulated credit agreement. Inserted by section 14 of the Financial Services Act 2010. 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. A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where the representative enters into regulated credit agreements or exercises or has the right to exercise the lender’s rights and duties under such agreements (in circumstances constituting the carrying on of an activity of the kind specified by article 60B of that Order) on behalf of other counterparties. (14) In section 401 (proceedings for offences)(47), omit subsection (4). A credit agreement is an exempt agreement if it is made in connection with trade in goods or services—. (11) For the purpose of paragraphs (1) and (5), it is the effect of the licence that matters, not how the activities for which a licence is given are described. does not carry on any other regulated activities. after “paragraph” insert “4B, 4C, 5A, 5B,”; The financial promotion restriction does not apply to a communication which relates to a controlled activity falling within paragraph 4C of Schedule 1 and which—, indicates clearly (by express words or otherwise) that a person is willing to facilitate another person (“B”) becoming the borrower under a paragraph 4C agreement for the purposes of B’s business, and. 54.—(1) A person who takes steps to ascertain the identity or location (or the means of ascertaining the identity or location) of a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as the person is not the lender under the agreement concerned or the owner under the consumer hire agreement concerned and takes no other steps to procure the payment of debts due under the agreement. (b)an agreement may fall within paragraph (b) of the definition even though the identity of the supplier is unknown at the time the agreement is made. immediately before that date, P did not also carry on an activity which, if carried on after that date, would be an activity of the kind specified by article 39G of that Order (debt administration). (2) In this article, a “not-for-profit body” means a body which, by virtue of its constitution or any enactment—. Amended by Schedule 18 to the Financial Services Act 2012. As a result of that link, the scope of the authorisation regime and the defi nition of a “regulated… (8) It is immaterial for the purposes of this paragraph whether the lender is carrying on a regulated activity. on 1st April 2014 has a Part 4A permission to carry on a regulated activity by virtue of this Order (regardless of whether the person had permission via other means). (55) In section 180(2) (power to prescribe form etc. Coming into force in accordance with article 1. 34.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—. the lender is a credit union and the rate of the total charge for credit does not exceed 42.6 per cent. In section 1 of the Agriculture and Forestry (Financial Provisions) Act 1991 (the Agriculture Mortgage Corporation and Scottish Agriculture Securities Corporation)(248), subsection (7) is omitted. is to be treated as having an interim permission to carry on regulated activities of the kind specified by articles 36A(1)(d) to (f) of the Regulated Activities Order and article 64 of that Order in so far as relevant to that activity, to the extent that P was carrying on such activities immediately before 1st April 2014; and such interim permission may be in addition to any interim permission the person obtains by virtue of paragraph (5). 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). (3E) 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. Section 147 was repealed in part by section 70 of, and Schedule 4 to, the Consumer Credit At 2006. (i)in the definition of “Annex 1 financial institution”, omit sub-paragraph (a); (ii)omit the definition of “consumer credit financial institution”; (5) In regulation 23(supervisory authorities)—. (a)for each reference to the “OFT” substitute “FCA”; (a)anything done by the OFT before 1st April 2014 in relation to the appeal is to be treated as having been done by the FCA; (b)the FCA is substituted for the OFT as a party to the appeal. (iii)does not meet the general interest test. section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries). 2) Order 1991(, the Consumer Credit (Exempt Agreements) (Amendment) (No. 2) Order 1996(162); (u)the Consumer Credit (Quotations) (Revocation) Regulations 1997(163); (v)the Consumer Credit (Exempt Agreements) (Amendment) Order 1998(164); (w)the Consumer Credit (Exempt Agreements) (Amendment) Order 1999(165); (x)the Consumer Credit (Content of Quotations) and Consumer Credit (Advertisements) (Amendment) Regulations 1999(166); (y)regulations 3 and 5 of the Consumer Credit (Total Charge for Credit, Agreements and Advertisements) (Amendment) Regulations 1999(167); (z)the Consumer Credit (Conduct of Business) (Credit References) (Amendment) Regulations 2000(168); (aa)the Consumer Credit (Advertisements and Content of Quotations) (Amendment) Regulations 2000(169); (bb)the Consumer Credit (Advertisements) Regulations 2004(170); (cc)the Consumer Credit (Exempt Agreements) (Amendment) Order 2006(171); (dd)the Consumer Credit (Advertisements) (Amendment) Regulations 2007(172); (ee)the Consumer Credit (Exempt Agreements) Order 2007(173); (ff)the Consumer Credit (Exempt Agreements) (Amendment) Regulations 2008(174); (gg)the Consumer Credit (Total Charge for Credit) Regulations 2010(175); (hh)the Consumer Credit (Advertisements) Regulations 2010(176); (ii)the Consumer Credit (Total Charge for Credit) (Amendment) Regulations 2012(177). (2) In sub-paragraph (e) of paragraph (1)—. The regulator concerned may, before it takes the action to which a decision notice (“the original notice”) relates, give the person concerned a further decision notice. (c)in relation to which the condition mentioned in section 226(2)(a) is satisfied. (3) In regulation 1 (citation, commencement interpretation)(189)—. Part 7 of the Order introduces the Schedule to the Order which makes consequential amendments to other legislation and related transitional provision. by a person who held or was covered by a licence under the 1974 Act, or. (4) In section 15 (consumer hire agreements)(86) for subsection (2) substitute—. (a)which relates to an act or omission which took place before 1st April 2014, (b)which could have been dealt with under the ombudsman scheme under section 226A (disregarding the effect of section 226A(2)(a) and (b)) but for the repeal of that section, and. 15.—(1) Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and money laundering)(263) is amended as follows. Amended by S.I. it provides that the only charge included in the total charge for credit is interest, 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. (4) For the purposes of paragraphs (1), (2) and (3), P is a “relevant person” if P has, in the period beginning with 2nd September 2013 and ending on 31st March 2014 (including both days), notified the FCA of P’s desire to obtain interim permission under this article and paid any fee which is provided for in rules made by the FCA for this purpose. Where the condition in paragraph (2) is satisfied, operating an electronic system which enables the operator (“A”) to facilitate persons (“B” and “C”) becoming the lender and borrower under an article 36H agreement is a specified kind of activity. 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. the FCA and PRA imposing requirements or giving directions. 2007/3510 and S.I. 60E.—(1) A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases. the appeal period in relation to that decision had not ended. A person with permission under the Financial Services and Markets Act 2000 to carry on a regulated activity—, in relation to or in connection 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), of the kind mentioned in paragraph 24B (providing credit reference services) or 24C (providing credit information services) of that Schedule, in relation to or in connection 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), or. (3) At any time after receiving the notification, the FCA may require the person giving the notification to provide the FCA with such further information as it reasonably considers necessary to enable the FCA to discharge its functions. (2) Paragraph (1) does not apply if the body carries on that activity only on an occasional basis. (b)the number of payments to be made by the borrower is not more than four. Amended by S.I. for the entry in the second column, for “regulation 15A(2) of the Total Charge for Credit Regulations 1980” substitute “the total charge for credit rules”. Entering into a regulated consumer hire agreement as owner is a specified kind of activity. In particular, Part 5 of the Order repeals the provisions of the 1974 Act which relate to the licensing of consumer credit activities under the 1974 Act. Amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and the Schedule to the European Union (Amendment) Act 2008 (c.7). 2009/1941. (a)it is a borrower-lender agreement, and. (7) For the purposes of paragraphs (5) and (6), P is a “relevant recent licensee” if—, (a)P had been given a standard licence under the 1974 Act in the period beginning 18th March 2014 and ending on 31st March 2014 (including both days), and. (ii)the reference to the OFT in paragraph (b) is to be treated as a reference to the FCA. the agreement is to be presumed to have been entered into by the hirer wholly or predominantly for the purpose in sub-paragraph (b) unless paragraph (3) applies. (3) For the purposes of this article, it is the effect of the group licence that matters, not how the activities for which a licence is given are described. Amended by S.I. 48.—(1) This article applies to a regulated agreement entered into before 1st April 2014 (“a relevant agreement”). 2001/2256. article 36A or 60B of that Order (credit broking or entering into a regulated credit agreement) in so far as the credit agreement (within the meaning of that Order) is secured on land; or. in paragraph 2F, after sub-paragraph (2) insert—. 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. (2) It is immaterial for the purposes of this article whether the OFT had, before 1st April 2014, given notice to A under section 27 of the 1974 Act (determination of applications)(194) that the OFT was minded to refuse A’s application. 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). )(77), insert—. is to be treated as having an interim permission to carry on regulated activities of the kind specified by articles 36A(1)(d) to (f) of the Regulated Activities Order to the extent that P was carrying on such activities immediately before 1st April 2014 and article 64 of that Order in so far as relevant to that activity; and such interim permission may be in addition to any interim permission the person obtains by virtue of paragraph (1). 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. 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. Entering into a regulated consumer hire agreement as owner is a specified kind of activity. 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). This is the Regulated Activities Order 2011. For the purposes of articles 60H (1) (d) and 60Q (c) of the Regulated Activities Order and of CONC 1.2.10R (2), a statement in relation to the income or assets of the borrower or hirer (referred to in this section as a statement of high net worth) must comply with CONC App 1.4.3 R, CONC App 1.4.4 R and CONC App 1.4.7 R. (3) 14. between the United Kingdom and a country outside the United Kingdom, between countries outside the United Kingdom, and, Exempt agreements: exemption relating to the purchase of land for non-residential purposes. (c)the OFT had not determined whether to issue a licence in accordance with the application. 1899 c.46. In this Act, “the total charge for credit” has the meaning given by the Regulated Activities Order for the purposes of Chapter 14A of Part 2 of that Order. There are excluded from sub-paragraphs (d), (e) and (f) of article 36A(1) activities carried on by a person for which that person does not receive a fee. (5) A credit agreement is an exempt agreement if it is—, (b)that land is used or is intended to be used as or in connection with a dwelling, and, (6) A credit agreement is an exempt agreement if—, (a)the lender is an investment firm or a credit institution, and. Amended by S.I. (5) For the purposes of this article and article 64—, “relevant instrument” means any subordinate legislation or part of any subordinate legislation which is—, made under Part 2 of the 1974 Act (irrespective of whether it is also made under section 182 of that Act), and. (34) Section 112 (realisation of securities) is omitted. (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—. the subject of the agreement is a meter or metering equipment which is used (or is to be used) in connection with the supply of gas, electricity or water. in the knowledge that the credit is to be used to finance a transaction between the borrower and the supplier; “borrower-lender-supplier agreement” means—. 2009/1342. For the purposes of paragraph (1) it is immaterial whether the credit agreement or consumer hire agreement is subject to the law of a country outside the United Kingdom. (7) The case specified in this paragraph is where the activity relates to a green deal plan. 1-3) Article 1 Citation 9. (a)the agreement is a borrower-lender-supplier agreement for fixed-sum credit. (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. (a)the FCA is satisfied that a person (“A”) had, before 1st April 2014, failed to comply with a requirement imposed on A under section 33A, 33B or 36A of the 1974 Act(214), and. S.S.I. (a)negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt, (b)taking over, in return for payments by the borrower, that person’s obligation to discharge a debt, or. 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. any other person for whom C is a controller; “borrower” means a person who receives credit under a credit agreement or a person to whom the rights and duties of a borrower under a credit agreement have passed by assignment or operation of law; to finance a transaction between the borrower and a person (“the supplier”) other than the lender, and. 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. Amended by S.I. Amended by Schedule 2 to the Financial Services Act 2010 and Schedule 12 to the Financial Services Act 2012. (b)it does not relate to the provision of security, (c)it does not form part of the principal agreement, and, (d)one of the following conditions is satisfied—. (2) The FCA may impose a penalty, in respect of the failure, on A under section 206 of the Act (financial penalties)(215). By such other information as the FCA for the purposes of this article, “ relevant ”... 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