(3) In section 107 (tying-in: enforcement)(246)—. (32) Section 82A (assignment of rights)(107) is omitted. 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”). (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. (c)complies with rules made by the FCA for the purposes of this article. Exempt agreements: exemptions relating to supply of essential services, the owner is a body corporate which is authorised by or under an enactment to supply gas, electricity or water, and. The FCA may make rules specifying how the total charge for credit to the borrower under a credit agreement is to be determined for the purposes of this Chapter. an activity of the kind specified by article 60N of that Order (regulated consumer hire agreements), an activity of the kind specified by article 89A of that Order (providing credit information services) where carried on by a person who also carries on an activity of the kind specified by any of paragraphs (a) to (e), or. for “OFT” in each place substitute “FCA”; The functions of the FCA under this section are to be treated for the purposes of the Financial Services and Markets Act 2000 as functions conferred on the FCA by or under that Act. the OFT received an application under section 24A of the 1974 Act (applications for standard licences)(, the applicant (“A”) had not withdrawn the application, and. (9) Subject to article 61 (application of Act), an interim permission is to be treated as—. (g)the number of payments to be made by the borrower is not more than twelve. (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. Section 22 was amended by section 7 of the Financial Services Act 2012. paragraph (5) does not apply to the agreement. 36. A green deal plan is associated with a supplier if the payments under the plan are to be made to the supplier. Part 2 of the Order specifies the new regulated activities. any penalty or fine that has been imposed on A by another body in relation to the conduct giving rise to the possible imposition of the penalty; other steps the OFT or FCA has taken, or the FCA might take, in relation to that conduct; the statement of policy prepared by the OFT under section 39C of the 1974 Act(, the OFT had given A a penalty notice under section 39A of the 1974 Act, and. (5) Arrangements fall within this paragraph if they are—, (a)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. (a)in paragraph 1(a), for “regulation 6(o) of the Consumer Credit (Total Charge for Credit) Regulations 2010” substitute “the total charge for credit rules”; (b)in paragraphs 3 and 4, for “regulation 5 of the Consumer Credit (Total Charge for Credit) Regulations 2010” substitute “the total charge for credit rules”. in paragraph 3(4), omit “, the function of making consumer credit rules, the function of making determinations under section 234A(1)”; in paragraph 7(2), omit “, functions in relation to its consumer credit jurisdiction”; in paragraph 9(3), omit “, consumer credit”; in paragraph 10(1), omit “or to the consumer credit jurisdiction”; in paragraph 11, omit “or to the consumer credit jurisdiction”; which relates to an act or omission which took place before 1st April 2014, 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. For the purposes of this article, the “relevant provisions” are the following provisions—. 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—. (2) In section 105(10) (tying-in arrangements: supplemental provisions)(245), for “OFT” substitute “FCA”. an official receiver within the meaning of section 399 of the Insolvency Act 1986, or article 2 of the Insolvency (Northern Ireland) Order 1989. 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. (d)whether the instrument or part is to be treated as having been made by the FCA as a rule under section 137A of the Act or under a specified provision of the Regulated Activities Order. Consequential amendments and transitional provisions, immediately before 1st April 2014 held a licence under the 1974 Act, and. (a)the agreement is a borrower-lender-supplier agreement for fixed-sum credit. (3) In article 4 (specified activities: general)(8)—. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards. 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. (iii)does not meet the general interest test. (12) Section 44 (form and content of advertisements) is omitted. (a)section 38(2) of the Act (exemption orders)(233); (b)section 55A(3)(234) of the Act (application for permission); (c)sections 55E and 55F of the Act (giving permission). knows or has reasonable cause to suspect that 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. (a)the FCA, PRA and the scheme operator making rules. 65.—(1) For the purposes of the provisions listed in paragraph (3), “consumers” includes persons—. 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) For the purposes of the definition of “restricted-use credit agreement”—, (a)a credit agreement does not fall within the definition if the credit is in fact provided in such a way as to leave the borrower free to use it as the borrower chooses, even though certain uses would contravene that or any other agreement; and. (c)a statement has been made in relation to the income or assets of the hirer which complies with rules made by the FCA for the purposes of this paragraph, (d)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. In article 6(3) of the Gender Recognition (Disclosure of Information) (Scotland) Order 2005 (credit reference agencies)(276), for “has the meaning given in” substitute “is to be read in accordance with”. Amended by section 170 of the Banking Act 2009, Schedule 10 to the Financial Services Act 2012 and S.I. the FCA designating relevant instruments under Part 8 of this Order. 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. 64.—(1) To designate or modify a relevant instrument or part of a relevant instrument, the FCA must make an instrument in writing which specifies, or more than one instrument in writing which between them specify—. 2006/2383 and S.I. (d)the credit is to be repaid within the period (which must be 12 months or less) to which the premium relates. 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. After article 60A (information society services)(1), insert—. (13) In section 353 (removal of other restrictions on disclosure)(46), in subsection (1), omit paragraph (c). (a)the OFT had given notice to a person (“A”) under section 31(2) of the 1974 Act (compulsory variation)(198) that it is minded to vary the terms of A’s licence, (b)the OFT had not determined to vary A’s licence under that section, and. (7) In section 228 (determination under the compulsory jurisdiction)(38), in subsection (1), omit “and to the consumer credit jurisdiction”. (a)in subsection (1) each reference to the OFT (apart from the first reference) were a reference to the FCA or, before 1st April 2014, the OFT; (i)the reference to the OFT was to the FCA; (ii)the words from “reconsider its determination” to “doing so must” were omitted. Inserted by section 24 of the Financial Services Act 2012. (2) 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). (3) In section 8 (consumer credit agreements)(85), for subsection (3) substitute—. a solicitor (within the meaning of the Solicitors Act 1974) acting in the course of contentious business (as defined in section 87(1) of that Act); a solicitor within the meaning of the Solicitors (Scotland) Act 1980 engaging in business done in or for the purposes of proceedings before a court or before an arbitrator; a solicitor in Northern Ireland engaging in contentious business as defined in Article 3(2) of the Solicitors (Northern Ireland) Order 1976; Articles 39D, 39E, 39F and 39G are also subject to the exclusion in article 72A (information society services). Amended by sections 62 and 63 of the Housing and Regeneration Act 2008. an activity of the kind specified by article 36A of that Order (credit broking); an activity of the kind specified by article 39D of that Order (debt adjusting); an activity of the kind specified by article 39E of that Order (debt-counselling); an activity of the kind specified by article 39F of that Order (debt-collecting); an activity of the kind specified by article 39G of that Order (debt administration); at the end of sub-paragraph (cc), omit “or” and insert—. for “the Consumer Credit (Total Charge for Credit) Regulations 2010” in each place substitute “total charge for credit rules”; In this regulation, “total charge for credit rules” means 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. Amended by section 2 of the Enterprise Act 2002. 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. it is (or will be) entered into by the borrower under the principal agreement or by a relative of the borrower. 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. Amended by Schedule 25 to the Enterprise Act 2002. (2) The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling—, (a)by the borrower or a related person of the borrower, or. (a)the agreement is a borrower-lender-supplier agreement for running-account credit. (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. 32.—(1) This paragraph makes transitional provisions in connection with the amendments made to the Money Laundering Regulations 2007 (“the Regulations”). made by the lender under pre-existing arrangements between the lender and a person (“the supplier”) other than the borrower in the knowledge that the credit is to be used to finance a transaction between the borrower and the supplier; “conditional sale agreement” means an agreement for the sale of goods or land under which the purchase price or part of it is payable by instalments, and the property in the goods or land is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled; “credit” includes a cash loan and any other form of financial accommodation; “credit union” means a credit union within the meaning of—. (23) In section 55C (copy of draft consumer credit agreement), for subsection (5) substitute—. and secured by a legal mortgage on the land referred to in sub-paragraph (a) or the land referred to in paragraph (ii); “relevant housing provision” means any of the following—. 2012/1309. (a)the defaulter must pay the unpaid balance to the FCA; (b)section 39A(5) of the 1974 Act continues to apply to the defaulter with the following modifications—. The Financial Services and Markets Act 2000 does not regulate loans made in accordance with those regulations. In relation to any notice which is, by virtue of this Chapter of this Part, to be treated as a decision notice given under the Act—, (a)it is immaterial whether the notice complies with section 388(1)(b) to (e) of the Act (decision notices)(221), and, (b)that section applies as if, for subsections (3) and (4), there were substituted—. 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”—. in paragraph (3), in the definition of “credit intermediary”, for “section 160A” substitute “section 61A”; in paragraph (3), for the definition of “the Total Charge for Credit Regulations” substitute—. Regulated Activities Order. Paragraphs (a), (b) and (e) of sub-paragraph (1) do not apply where the only regulated activities that the person concerned carries on, or seeks to carry on, are relevant credit activities. (5) Section 55U(1) to (4) of the Act (applications under Part 4A) does not apply to A’s application. 2007/3300. 2) Order 1995(160); (s)the Consumer Credit (Exempt Agreements) (Amendment) Order 1996(161); (t)the Consumer Credit (Exempt Agreements) (Amendment) (No. 2009/1835. (7) The banks specified in this paragraph are—. (b)in subsection (8), omit the definitions of “accepting” and “consumer credit business”. 2001/1177. Section 152 was amended by section 25 of the Consumer Credit Act 2006. (b)the lender is a credit union and the rate of the total charge for credit does not exceed 42.6 per cent. 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)(. 2006 asp1. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. In this article, “relevant person” means—. This paragraph applies if the transaction is—, a contract which contains a guarantee of goods, or, a transaction which comprises, or is effected under—, an agreement for the operation of an account (including any savings account) for the deposit of money, or. 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. Amended by S.I. 2007 c.29. (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. 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 relevant firm” means the person who (disregarding the effect of subsection (1A)), would be entitled to enforce the agreement. (i)in the case specified in paragraph (6), by a person who also carries on an activity of the kind specified by sub-paragraph (a), (ii)by a person who also carries on an activity of the kind specified by sub-paragraph (d) or (e), or, (f)an activity of the kind specified by article 89A of that Order (providing credit information services) where carried on by a person who also carries on an activity of the kind specified by any of sub-paragraphs (a) to (e), or. The banks specified in this paragraph are—. of article 60L of the . 60N.—(1) Entering into a regulated consumer hire agreement as owner is a specified kind of activity. 2) Order 1991(, the Consumer Credit (Exempt Agreements) (Amendment) (No. 2007/3494. Taking steps to procure the payment of a debt due under a credit agreement or a relevant article 36H agreement is a specified kind of activity. 4. Amended by sections 62 and 63 of the Housing and Regeneration Act 2008. Amended by S.I. article 154(1)(a) of the Housing (Northern Ireland) Order 1981(8). Amended by section 38 of the Banking Act 1979. 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. specify how the total charge for credit to a person who is, or is to become, the borrower under a credit agreement is to be determined; specify what items are to be included in determining the total charge for credit and how the value of those items is to be determined; specify the method of calculating the rate of the total charge for credit; provide for the whole or part of the amount payable by the borrower or a relative of the borrower under a linked transaction (within the meaning given by article 60E(8)) to be included in the total charge for credit, whether or not the lender is a party to the transaction or derives a benefit from it. (7) The case specified in this paragraph is where the activity relates to a green deal plan. (5) In Part 8 (supplementary and general)—. be made in such manner as the FCA may direct; and. 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—. (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. (31) In section 82 (variation of agreements)(106)—. (2) In this article, a “not-for-profit body” means a body which, by virtue of its constitution or any enactment—. the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544).5 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. The same defi nition appears in article 60L of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544). Amended by S.I. it is an agreement of a kind offered to a particular class of individual or relevant recipient of credit and not offered to the public generally. Part 1 was amended by Schedules 25 an 26 to the Enterprise Act 2002 (c.40), Schedule 4 to the Tribunals and Inquiries Act 199 and sections 27, 44, 51,58, 61, 62 and 70 of, and Schedule 4 to, the Consumer Credit Act 2006 (c.14) and S.I. In regulation 112 of the Representation of the People (Northern Ireland) Regulations 2008 (sale of full register etc. (6) In Schedule 7 (provisions relating to the disclosure of the APR)(184)—. (b)the credit is to finance a premium under a contract of insurance relating to land or anything on land. In the Cancellation of Contracts made in a Consumer’s Home or Place of Work etc. “(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).”. Amended by S.I. the lender is an individual or relevant person. Section 204 was amended by Schedule 25 to the Enterprise Act 2002. The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling—, by the borrower or a related person of the borrower, or. The conditions in this paragraph are that—, the lender provides, provided or would provide the borrower with credit (within the meaning given by article 60L) less than or equal to £25,000, or. 2001/544 and S.I. 2007/126, S.I. In article 3(9) of the Education (Student Support) (Northern Ireland) Order 1998(269), 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”. There are excluded from article 36A activities carried on by—. (4) Anything done by or in relation to the OFT under Part 5 of the Regulations (enforcement) is, to the extent necessary for the effective operation of the Regulations, to be treated as having been done by or in relation to the FCA. Make and maintain appropriate arrangements to ensure compliance with rules made by the Financial Conduct Authority and to ensure that appropriate regard is had to guidance issued by the Financial Conduct Authority. (4) The application has effect subject to any necessary modifications. 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). 2001/544. Inserted by section 52 of the Consumer Credit Act 2006. (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. To those amendments of securities ) is omitted section 38 of the Services... 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Immaterial for the purposes of this article applies to a under section 55A of the Order amends the Consumer Act. 45 ( prohibition of advertisement where goods etc. ) ( 93 ) and the scheme operator under section (! 55A to 55Z4 were inserted by section 63 of the Enterprise Act 2002 judge ” insert— ” means— (... Financial Services Act 2010 ( c.38 ) and the heading immediately before 1st April 2014— of! ” insert— virtue of its determination not to give such a contract insurance... Of subsection ( 1A ) is omitted an interim permission is to finance a premium under a of. Instruments under Part 8 ( regulated activities set out in RAO, SI 2001/544 are PRA-regulated activities of. Regulated agreements 60B regulated credit agreement is an exempt agreement if it is in! The condition in this section, “ relevant provisions ” are— not apply to the Financial Services Act and. ( 22 ) section 51A ( restrictions on provision of credit with or any. 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