(2) Section 168 of the Act (appointment of persons to carry out investigations in particular cases)(219) applies as if—. (7) A is not to be regarded as an authorised person for the purposes of Part 12 of the Act (control over authorised person) unless A has permission otherwise than by virtue of an interim permission. immediately before that date, P also carries 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), 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. 19. (3) The following are controlled 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)—. (a)the lender provides the borrower with credit of £25,000 or less, (b)the agreement is entered into by the borrower wholly for the purposes of a business carried on, or intended to be carried on, by the borrower, and. (61) Section 189A (meaning of “consumer credit EEA firm”)(138) is omitted. (35) In section 113 (Act not to be evaded by use of security)(108), in subsection (3)(c), for “40(2), 65(1), 124(1) or 149(2)” substitute “65(1) or 124(1) or a notice under section 28A of the Financial Services and Markets Act 2000(109)”. (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. immediately before that date, P also carried 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 article 3, at the end of the definition of “deposit”, insert “except where the definition given in article 60L applies”. Regulated Activities Order 2011 (as amended 2013, 2016, 2018 and 2019) Disclaimer: This document was created by the Isle of Man Financial Services Authority (“the Authority”) to assist its licenceholders and other readers. (a)the agreement is a borrower-lender-supplier agreement for running-account credit. “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.”. (e)paragraph (5) does not apply to the agreement. (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. in the definition of “credit reference agency”, for “has the meaning given by” substitute “is to be read in accordance with”; after the definition of “redemption period” insert—, for the definition of “regulated agreement” substitute—, for the definition of “total charge for credit” substitute—. Here is a non-exhaustive list. Entering into a relevant credit agreement as lender, or exercising or having the rights to exercise the rights of the lender under such an agreement, is a controlled activity. (44) Section 156 (entry into agreements)(116) and the heading immediately before it are omitted. disregarding the effect of article 20 (amendments of the Consumer Credit Act 1974) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 and any order made before 1st April 2014 under section 107 of the Financial Services Act 2012. There are other amending instruments but none is relevant to this Order. (8) “Private person” has the meaning prescribed for the purposes of section 138D of the Act (action for damages)(57). to the extent that A’s application related to any other activity, those regulated activities which are activities which were described in the application. 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. Amended by section 16 of the Finance Act 2005 (c.7). 45.—(1) Paragraphs (2) to (5) apply if, before 1st April 2014—, (a)the OFT had given A a penalty notice under section 39A of the 1974 Act, and. (3) The application is to be treated as if it had been made to the appropriate regulator under section 55I or 55H of the Act (as the case may be). 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), in the case of an agreement which is not secured on land, the credit is provided without interest or other charges, and. the OFT had not determined whether to issue a licence in accordance with the application. (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. provided without interest or other charges. any similar activity concerned with the liquidation of a debt, When carried on in relation to debts due under a consumer hire agreement—. “specified” means specified by the FCA in a designating instrument. 2007/154. (10) The persons to whom this paragraph applies are—. in England and Wales, the Homes and Communities Agency, the Welsh Ministers or a private registered provider (within the meaning of Part 2 of the Housing and Regeneration Act 2008(23)); in Scotland, the Scottish Ministers or a registered social landlord (within the meaning of the Housing (Scotland) Act 2010(24); in Northern Ireland, the Northern Ireland Housing Executive; “relevant credit agreement relating to the purchase of land” means—, a borrower-lender-supplier agreement financing—. (10) Part 14 of the Act (disciplinary measures) applies to the requirements imposed by this article as if each reference to an authorised person included a reference to a person who, at the time of the contravention of the requirement, fell within paragraph (1). Amended by S.I. (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. (20) Schedule 16 (prohibitions and restrictions imposed by the Office of Fair Trading)(55) is omitted. 2002/1776 and amended by S.I. 60.—(1) On and after 1st April 2014, a not-for-profit body which, immediately before 1st April 2014, was covered by a group licence under the 1974 Act to carry on the activity of debt-counselling (within the meaning of the 1974 Act) is to be treated for all purposes as having Part 4A permission to carry on regulated activities of the kind specified by 39D (debt adjusting), articles 39E (debt-counselling) and 89A (providing credit information services) of the Regulated Activities Order and article 64 of that Order in so far as relevant to those activities, to the extent that those regulated activities are activities which are described in the licence. (3) This paragraph applies if, when the agreement is entered into—, (a)the owner (or, if there is more than one owner, any of the owners), or. Inserted by section 28 of the Consumer Credit Act 2006. 60B.—(1) Entering into a regulated credit agreement as lender is a specified kind of activity. paragraph (7) does not apply to the agreement. 36. the exercise by P of an option to purchase the goods; the doing by any party to the agreement of any other act specified in the agreement; the happening of any event specified in the agreement; “legal mortgage” includes charge and, in Scotland, a heritable security; the person providing credit under a credit agreement, or. There are other amending instruments but none is relevant to this Order. at the end of paragraph (a), insert “and”; omit the “and” at the end of paragraph (b) and paragraph (c); in the definition of “relevant officer”, in paragraph (b), for “OFT” substitute “Authority”. In Schedule 4 to the Proceeds of Crime Act 2002 (lifestyle offences: Scotland)(254), omit paragraph 9B and the heading immediately before it(255). S.I. (9) In this article, “relevant person” means—, (a)a partnership consisting of two or three persons not all of whom are bodies corporate, or. Equally, a person whose lending is entirely exempt from regulation under the CCA need not be authorised. to perform duties under a credit agreement or relevant article 36H agreement on behalf of the lender, or. 18. (b)the terms on which the credit is provided are more favourable to the borrower than those prevailing on the market, either because the rate of interest is lower than that prevailing on the market, or because the rate of interest is no higher than that prevailing on the market but the other terms on which credit is provided are more favourable to the borrower. Inserted by Schedule 2 to the Consumer Credit Act 2006. For more “Credit information agency” means a person who carries on by way of business an activity of the kind specified by any of the following—. (3) An instrument or part which is designated by the FCA in accordance with this article is to be treated for all purposes as having been made as a rule under the specified section or provision. (a)in table 3, omit “regulation 6(g) of”; (b)in table 5, for “Office of Fair Trading” substitute “Financial Conduct Authority”. (3) But if A has, before 1st April 2014, submitted a notice of appeal to the First-tier Tribunal under section 41 of the 1974 Act (appeals to First-tier Tribunal under Part 3), section 208(4) of the Act (right to refer matters to the Tribunal) does not apply. “(7B) A person (“P”) provides credit information services if P carries on, by way of business, an activity of the kind specified by article 89A(1) or (2) of that Order (providing credit information services).”; “(8) A person (“P”) operates a credit reference agency if P carries on, by way of business, an activity of the kind specified by article 89B of that Order (providing credit references).”. 60Q. 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). a copy of the statement was provided to the owner before the agreement was entered into. (2) Sections 41 to 41ZB of the 1974 Act (appeals, Tribunal procedure rules and disposal of appeals)(227) continue to apply to a relevant appeal (notwithstanding any repeal made by this Order) with the following modifications to section 41ZB—. (2) There are excluded from articles 39D(2), 39E(2) and 39F(2) activities carried on by a person who is—, (a)the owner under the consumer hire agreement, or. 2010/1010. “(6) Article 60C(5) and (6) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies for the purposes of paragraphs (3)(c) and (5).”. 7. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. the agreement is a borrower-lender-supplier agreement for running-account credit. (6) In Schedule 4 (provisions relating to calculation and disclosure of the total charge for credit and APR)—. (8) Subsection (3)(a) of section 213 (compensation scheme)(236) does not apply to a person who is a relevant person (within the meaning of that section) only by virtue of having an interim permission. 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. (iii)immediately before 1st April 2014, 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). complies with rules made by the FCA for the purpose of this article, 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. (28) In section 75A (further provision for liability of creditor for breaches by supplier)(104), for subsection (7) substitute—. Substituted by S.I. 2009/1835. Section 150 was repealed by Schedule 4 to the Consumer Credit Act 2006. 2007/126. 2001/369 and S.I. Articles 39D, 39E, 39F and 39G are also subject to the exclusion in article 72A (information society services). 39H.—(1) There are excluded from articles 39D(1), 39E(1) and 39F(1) activities carried on by a person who is—. Articles 3 to 9 amend the Regulated Activities Order. Section 36A inserted by section 45 of the Consumer Credit Act 2006. (19) Section 53 (duty to display information)(97) is omitted. (6) The case specified in this paragraph is where a supplier (other than a domestic premises supplier) carries on the activity for the purposes of, or in connection with, the sale of goods or supply of services by the supplier to a customer (who need not be the borrower under the credit agreement or the hirer under the consumer hire agreement). which would apply but for any exemption conferred by an order under section 22 of the 2000 Act (regulated activities) in relation to debts due under a green deal plan associated with the licensee. Rights under a consumer hire agreement”; (e)in paragraph 28 (interpretation)(79), insert in the appropriate place the following definitions—. in table 5, for “Office of Fair Trading” substitute “Financial Conduct Authority”. an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership; “restricted-use credit agreement” means a credit agreement—. (b)of the kind mentioned in paragraph 24B (providing credit reference services) or 24C (providing credit information services) of that Schedule. 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. an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership. 2006/3414. (a)exercises its power under section 55J of the Act (variation or cancellation on initiative of regulator) in relation to A, (b)exercises its power under section 55H (in the case of the FCA) or section 55I of the Act (in the case of the PRA) (variation at request of authorised person) to remove a regulated activity from those for which A has interim permission, or. (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—. under section 55H or 55I of the Act to vary a Part 4A permission that A has otherwise than by virtue of this Order by adding a regulated activity to those which the permission relates. 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)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(21)); (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(22)); (i)an authorised person with permission to accept deposits. A consumer credit agreement is a regulated agreement within the meaning of this Act if it is a regulated credit agreement for the purposes of Chapter 14A of Part 2 of the Regulated Activities Order. 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. (15) Section 51 (prohibition of unsolicited credit-tokens) is omitted. (d)an agreement which is not a regulated credit agreement or a regulated consumer hire agreement but which would be such an agreement if the law applicable to the agreement were the law of a part of the United Kingdom.”; (b)in subsection (2A)(a), for “section 146(5A)” substitute “article 36E of the Regulated Activities Order (activities in relation to certain agreements relating to land)”. 27. (b)the lender is a credit union and the rate of the total charge for credit does not exceed 42.6 per cent. 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), A’s application is not, by virtue of paragraph (4), treated as relating to a regulated activity of the kind specified by article 36H of the Regulated Activities Order, and. (a)if P was an authorised person immediately before commencement, a variation of permission. the agreement is not 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. In paragraph 1 of Schedule 2 to the Education (Student Loans) Regulations 1998(268), for the definition of “APR” substitute—. 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. it becomes a person who, by virtue of section 19 of the Financial Services and Markets Act 2000, is required to have a consumer credit permission. S.I. in regulation 2 (interpretation – general)—. After article 39C(17) (other exclusions relating to claims management on behalf of an insurer etc.) 60B-60M) 2003/1476 and amended by S.I. This means that where you may have needed to register an IAR previously under IMD, you will no longer need to do this under the Insurance Distribution Directive. (d)performing duties, or exercising or enforcing rights under a paragraph 4C agreement on behalf of the lender. 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. Send to Email address * Open Help options for Email Address. 2007/126. (a)the OFT had given notice to a person (“A”) under section 33D of the 1974 Act of its determination to impose a requirement on A under section 33A of the 1974 Act or to vary or revoke a requirement imposed under section 33A of that Act. Section 146 was amended by Schedule 3 to the Arbitration Act 1996, section 24 of the Consumer Credit Act 2006, Schedule 21 to the Legal Services Act 2007, S.I. (9) Sections 165 (regulator’s power to require information: authorised persons etc. (5) On and after the notice date (see paragraph (7)), a relevant recent licensee (“P”) is to be treated as having an interim permission to carry on—, (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. and either: (a) the lender provides credit (within that meaning) of less than or equal to £25,000; or (b) the agreement is not entered into by the borrower The following Financial Services Q&A provides comprehensive and up to date legal information covering: Under article 60F(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, payments must be made within twelve months. Amended by Schedule 25 to the Enterprise Act 2002 and S.I. (8) For the purposes of the definition of “relevant credit agreement relating to the purchase of land”, a transaction is, unless paragraph (9) applies, a “linked transaction” in relation to a credit agreement (“the principal agreement”) if—. the number of payments to be made by the borrower is not more than four. 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. (i)at the end of paragraph (b) of sub-paragraph (1) omit “or”; (ii)omit paragraph (c) of sub-paragraph (1); (iii)in sub-paragraph (2), omit paragraph (c); (b)in paragraphs 18(3)(b), 23(1)(b) and 24 for “OFT” in each place substitute “FCA”. 2001/3649, S.I. 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, 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, This paragraph applies to an agreement if—, 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, is not offered by a lender who is an employer to a borrower as an incident of employment with the lender, and, For the purposes of paragraph (5), an agreement meets the general interest test if—, the agreement is offered under an enactment with a general interest purpose, and. (21) In Schedule 17 (the ombudsman scheme)(56)—. In section 554O (exclusions: employee car ownership schemes) of the Income Tax (Earnings and Pensions) Act 2003(256)—. 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, 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, This paragraph applies to an agreement if—, 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, is not offered by a lender who is an employer to a borrower as an incident of employment with the lender, and, For the purposes of paragraph (5), an agreement meets the general interest test if—, the agreement is offered under an enactment with a general interest purpose, and. There are other amending instruments but none is relevant to this Order. A credit agreement is an exempt agreement if—, the lender provides the borrower with credit exceeding £25,000, and. (5) P must disclose to the lender the fee, if any, payable by the borrower to P for P’s services for the purpose of enabling the lender to calculate the annual percentage rate of charge in relation to the credit agreement. “(4) In considering whether to allow the agreement to be enforced the FCA must have regard to whether the relevant firm reasonably believed that a licence under the Consumer Credit Act 1974 was not required by the creditor or owner (as the case may be) to enter into the agreement.”; (c)for subsection (8) of section 28A substitute—, “(8) “The relevant firm” means the person who (disregarding the effect of subsection (1A)), would be entitled to enforce the agreement.”.”. “Debt-collecting” means the carrying on of an activity of the kind specified by article 39F of that Order (debt-collecting). an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership; “restricted-use credit agreement” means a credit agreement—. Paragraph 17 substituted by Schedule 25 to the Enterprise Act 2002. the cost benefit analysis need not estimate the difference but must include a statement of the PRA’s opinion and an explanation of it. 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.”; 26D. 2003 c.1. The terms of these differ slightly depending on theregulated activity. 39K.—(1) There are excluded from articles 39D, 39E, 39F and 39G activities carried on by—. Substituted by section 64 of the Consumer Credit Act 2006. Inserted by section 60 of the Consumer Credit Act 2006. For the purposes of the definition of “borrower-lender agreement”, a credit agreement is entered into in contemplation of future arrangements between a lender and a supplier if it is entered into in the expectation that arrangements will subsequently be made between the lender (or the lender’s associate) and the supplier (or the supplier’s associate) for the supply of cash, goods or services to be financed by the credit agreement unless the arrangements fall within paragraph (5). 65.—(1) For the purposes of the provisions listed in paragraph (3), “consumers” includes persons—. 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. 40.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—. (b)to exercise or enforce rights under such an agreement on behalf of the lender, (2) Subject to paragraph (3), taking steps—, (a)to perform duties under a consumer hire agreement on behalf of the owner, or. The case specified in this paragraph is where the activity relates to a green deal plan. (2) A credit agreement is an exempt agreement if it is a regulated mortgage contract or a regulated home purchase plan. 2001/3649 and Schedule 18 to the Financial Services Act 2012. 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. 6. Regulations 2012(296)—, (a)in regulation 2 (interpretation – general)—. 60B.—(1) Entering into a regulated credit agreement as lender is a specified kind of activity. 1899 c.46. Amended by section 25 of the Consumer Credit Act 2006. 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