2010/1010. A not-for-profit body which carries on an activity of the kind specified by article 39D (debt adjusting), 39E (debt-counselling) or 89A (providing credit information services) of the Regulated Activities Order or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any of those activities is to be regarded as carrying on that activity by way of business if the activities being carried on by that body consist of, or relate to, that activity. the agreement is entered into for the purpose of allowing the borrower to carry out a transaction relating to one or more financial instruments. (2) In this article, a “not-for-profit body” means a body which, by virtue of its constitution or any enactment—. 2011/99. (2) Taking steps to procure the payment of a debt due under a consumer hire agreement is a specified kind of activity. Activities in relation to certain agreements relating to land, There are excluded from article 36A activities carried on with a view to an individual or relevant recipient of credit entering into a regulated mortgage contract if the person carrying on the activity is an authorised person who has permission to—. Subsections (1A) to (1F) were substituted by S.I. 1977/325, S.I. This is a draft item of legislation. S.I. 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. a regulated consumer credit agreement to which the right of withdrawal applies under section 66A of the 1974 Act; in paragraph (1) for “the Consumer Credit (Total Charge for Credit) Regulations 2010” substitute “rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order”; in the definition of “Annex 1 financial institution”, omit sub-paragraph (a); omit the definition of “consumer credit financial institution”; at the end of sub-paragraph (a)(i) insert “but not excluded money service businesses”; For the purposes of this regulation, a money service business is an “excluded money service business” if it is an authorised person who has permission under the 2000 Act which relates to or is connected with a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods) but does not have permission to carry on any other kind of regulated activity. (a)the area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those stories; (b)“related person” in relation to a person (“B”) who is the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—, (ii)a person (whether or not of the opposite sex) whose relationship with B has the characteristics of the relationship between husband and wife, or. (45) In section 159(5) (correction of wrong information)(117), for “the specified fee” substitute “the prescribed fee”. The case specified in this paragraph is where the activity relates to a green deal plan. 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. a regulated activity of the kind specified by article 36H of the Regulated Activities Order. Inserted by section 19 of the Consumer Credit Act 2006. (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—. (21) In Schedule 17 (the ombudsman scheme)(56)—. Amended by Schedule 18 to the Financial Services Act 2012. Inserted by section 38 of the Consumer Credit Act 2006. 46A.—(1) 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—, (a)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. a person who, in the negotiation of the transaction, is represented by a person who carries on an activity of the kind specified by article 36A (credit broking) by way of business who is or was also a negotiator in negotiations for the principal agreement; a person who, at the time the transaction is initiated, knows that the principal agreement has been made or contemplates that it might be made. 6. 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. any modifications being made to the relevant instrument or part, the date on which the designation is to come into effect, and. at the end of paragraph (b) of sub-paragraph (1) omit “or”; in sub-paragraph (2), omit paragraph (c); in paragraphs 18(3)(b), 23(1)(b) and 24 for “OFT” in each place substitute “FCA”. in every other place where “Total Charge for Credit Regulations” appears, substitute “total charge for credit rules”. Before you rush however to look up that Order you need to look first to the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (“2013 Order”) which introduces Articles 60B to 60M of the RAO. 2010/22 and amended by section 23 of the Financial Services Act 2012. (4) If the period for making representations under section 34 of the 1974 Act in connection with that notice had not expired before 1st April 2014, subsections (1) and (2) of that section continue to apply as if—. (12) In section 328 (directions in relation to the general prohibition)(44), in subsection (6)(b), after “insurance mediation directive” insert “or Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC(45)”. 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. (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. (c)the agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011). (5) But an activity is not a relevant credit activity for the purposes of—, (a)sub-paragraphs (a) to (e) of paragraph (4), and. “Standard licence” is defined in section 189 of the 1974 Act. Paragraph 26 of Schedule 2 was substituted by section 8 of the Financial Services Act 2012 (c.21). 2) Order 1993(158); (q)the Consumer Credit (Exempt Agreements) (Amendment) Order 1994(159); (r)the Consumer Credit (Exempt Agreements) (Amendment) (No. Co-operative Bank Public Limited Company; National Westminster Bank Public Limited Company; Exempt agreements: exemptions relating to the nature of the borrower, A credit agreement is an exempt agreement for the purposes of this Chapter if—. (b)exercise any rights conferred by a credit agreement (within the meaning of the Regulated Activities Order) to acquire, dispose of, underwrite or convert a controlled investment which is relevant to the regulated activity for which A has interim permission to carry on. Access essential accompanying documents and information for this legislation item from this tab. 2. (2) The notice is to be treated as a decision notice given by the FCA to A under section 208(1)(b) of the Act(211) (except for the purposes of section 210 which does not apply). “(3) Article 60C(5) and (6) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies for the purposes of paragraph (1).”. Amendments of the Regulated Activities Order Amendments of the Regulated Activities Order 2. (4) For the purposes of this article, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount. 5. (15) In section 404E (meaning of “consumers”)(48)—. UK Financial Services Law, Legislation (UK), Statutory Instruments, 2001 Statutory Instruments Financial Services Regulation, Insurance & Reinsurance, Investment, Authorisation “assignment”, in relation to a credit agreement, has the meaning given by article 60L; in relation to a credit agreement other than a regulated mortgage contract or an article 36H agreement (within the meaning given by article 36H), has the meaning given by article 60L; in relation to an article 36H agreement (within the meaning given by that article) other than a regulated mortgage contract, is to be read with article 36H(4); “consumer hire agreement” has the meaning given by article 60N; “credit agreement” has the meaning given by article 60B; “hire-purchase agreement” has the meaning given by article 60L; “hirer” is to be read with the definition of “consumer hire agreement” in article 60N; “owner”, in relation to a hire purchase agreement, has the meaning given by article 60N; “regulated consumer hire agreement” has the meaning given by article 60N; “regulated credit agreement” has the meaning given by article 60B; “relevant recipient of credit” has the meaning given by article 60L; “restricted-use credit agreement” has the meaning given in article 60L. 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