The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014
| Jurisdiction | UK Non-devolved |
| Citation | SI 2014/208 |
| Year | 2014 |
2014No. 208
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014
3rdFebruary2014
5thFebruary2014
The Treasury are a government department designated for the purpose of section 2(2) of the European Communities Act 1972( 1) in relation to financial services( 2).
The Treasury make the following Order in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 426(1) of the Financial Services and Markets Act 2000( 3).
Citation and commencement
1. (1) This Order may be cited as the Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014.
(2) This article and articles 6 and 8 come into force on 26th February 2014.
(3) This Order comes into force on 26th February 2014 for the purposes of the FCA( 4)-
(a) making rules;(b) giving guidance;(c) imposing requirements or giving directions.(4) This Order comes into force on 1st April 2014, to the extent it is not already in force, immediately after-
(a) the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013( 5) comes into force, to the extent that it is not already in force, in accordance with article 1(6) (citation, commencement and interpretation) of that Order, and(b) the Financial Services Act 2012 (Consumer Credit) Order 2013( 6) comes into force, to the extent that it is not already in force, in accordance with article 1(1)(b) (citation, commencement and interpretation) of that Order.Applications under section 28A of the Financial Services and Markets Act 2000
2. (1) Section 55U(4), (5), (7) and (8) of the Financial Services and Markets Act 2000 (applications under this Part)( 7) apply to an application made under section 28A of that Act (credit-related agreements made unenforceable by section 26, 26A or 27)( 8) as if the application were an application made to the FCA under Part 4A of that Act (permission to carry on regulated activities)( 9).
(2) Where a person ("A") has the right to exercise rights under an agreement entered into by another person ("B"), section 28A of the Financial Services and Markets Act 2000 applies as if the references to the relevant firm in subsections (3) and (7) of that section include a reference to A.
The Financial Services (Distance Marketing) Regulations 2004
3. (1) The Financial Services (Distance Marketing) Regulations 2004( 10) are amended as follows.
(2) In regulation 2 (interpretation)-
(a) after the definition of "business" insert-""the CMA" means the Competition and Markets Authority;";
(b) omit the definition of "the OFT";(c) after the definition of "regulated consume credit agreement", insert-""the relevant regulator" means-
(a) in relation to a specified contract (within the meaning given in regulation 17) or any alleged breach concerning such a contract, the Authority; and(b) in relation to any other contract or any alleged breach concerning such a contract, the CMA;".(3) In regulation 17 (enforcement authorities)-
(a) in paragraph (1)-(i) in sub-paragraph (a), for ", the Authority is an enforcement authority" substitute-"-
(i) the Authority, and(ii) where the contract is a consumer credit contract-(aa) in Great Britain, every local weights and measures authority, and(bb) in Northern Ireland, the Department of Enterprise, Trade and Investment,is an enforcement authority";
(ii) in sub-paragraph (b), for "OFT" substitute "CMA";(iii) in sub-paragraph (c)(i), for "OFT" substitute "CMA";(b) in paragraph (2)-(i) in sub-paragraph (a), at the end, insert "or an activity which would constitute a regulated activity carried on by the supplier but for any of articles 60C to 60H of the Regulated Activities Order( 11)";(ii) in sub-paragraph (c), omit "or a supplier to whom the Authority has given a certificate under article 9C of the Regulated Activities Order (persons certified as small issuers etc)";(c) after paragraph (2), insert-"(2A) For the purposes of paragraph (1) and regulation 22(6), a "consumer credit contract" means a contract the making or performance of which constitutes or is part of a regulated activity of the kind specified by a provision of the Regulated Activities Order listed in paragraph (2B) carried on by the supplier.(2B) The provisions are-(a) article 36A (credit broking);(b) article 36H (operating an electronic system in relation to lending);(c) article 39D (debt adjusting);(d) article 39E (debt-counselling);(e) article 39F (debt-collecting);(f) article 39G (debt administration);(g) article 60B (regulated credit agreements);(h) article 60N (regulated consumer hire agreements);(i) article 89A (providing credit information services);(j) article 89B (providing credit references);(k) article 64 (agreeing to carry on specified kinds of activity) in so far as it relates to an activity of the kind specified by a provision listed in sub-paragraphs (a) to (j).".(4) In regulation 18 (consideration of complaints)-
(a) in paragraph (1)(b), for "has notified the OFT that it agrees" substitute "has agreed, by notifying that authority or the relevant regulator,";(b) in paragraph (2), for "the OFT" substitute "another enforcement authority or the relevant regulator".(5) In regulation 19(2) (injunctions to secure compliance)-
(a) for "OFT", in each place, substitute "relevant regulator";(b) omit "or the Authority".(6) In the heading to regulation 20 (notification of undertakings and orders to the OFT), for "OFT" substitute "relevant regulator".
(7) In regulation 20-
(a) for "OFT", in each place, substitute "relevant regulator";(b) omit "and the Authority".(8) In regulation 21 (publication, information and advice)-
(a) in paragraph (1), for "OFT" substitute "relevant regulator";(b) in paragraphs (2) and (3), for "OFT and the Authority" substitute "relevant regulator".(9) In regulation 22(6) (offences)-
(a) after sub-paragraph (a), insert-"(aa) in Great Britain, every local weights and measures authority and, in Northern Ireland, the Department of Enterprise, Trade and Investment may institute proceedings for an offence under these Regulations which relates to a consumer credit contract;";(b) in sub-paragraph (b), for "OFT" substitute "CMA".The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
4. After article 72E (staff mortgage offers communicated to employees by third parties) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005( 12), insert-
"Credit agreements offered to employees by employers
72F.
(1) The financial promotion restriction does not apply to any communication which is made to an employee by or on behalf of a person in relation to an exempt staff loan.(2) In this article, "an exempt staff loan" means a credit agreement within the meaning of article 60B (regulated credit agreements) of the Regulated Activities Order which is-(a) entered into by the employee as borrower and the employer, or an undertaking in the same group as the employer, as lender; and(b) an exempt agreement for the purposes of Chapter 14A...To continue reading
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