Regulation 10 Persons who may not be approved

(1)

A person specified in paragraph (2) shall not be a money adviser.

(2)

A specified person is–

(a)

a sheriff officer or messenger-at-arms, or an employee of such a person;

(b)

a person or body providing financial services, or financial advice other than money advice, in the course of a business or otherwise for profit, or an employee of such a person, unless the person is a–

(i)

solicitor;

(ii)

chartered or certified accountant;

(iii)

a credit union registered under the Industrial and Provident Societies Act 1965^f1 by virtue of section 1 (registration under the Industrial and Provident Societies Act 1965) of the Credit Unions Act 1979^f2;

(c)

a person providing debt collection services, or an employee of such a person;

(d)

a person convicted of an offence involving theft, fraud or other dishonesty;

(e)

a debtor whose estate has been sequestrated, and who has not been discharged under sections 54 (automatic discharge after 3 years) or 75 (amendments, repeals and transitional provisions) of the 1985 Act^f3;

(f)

a bankrupt, who has not been discharged under sections 279 (duration) or 280 (discharge by order of the court) of the 1986 Act^f4;

(g)

a person subject to a bankruptcy restrictions order (including an interim order) or bound by a bankruptcy restrictions undertaking, under Schedule 4A (bankruptcy restrictions order and undertaking) of the 1986 Act^f5;

(h)

a person who has entered into a trust deed or protected trust deed for their creditors, and who has not been discharged from that deed; or

(i)

a person in respect of whom a court has made a disqualification order under section 1, or who has had a disqualification undertaking accepted under section 2, of the Company Directors Disqualification Act 1986^f6.

Annotations

Footnotes

f1: 1965 c. 12. There are amendments to this Act which are not relevant to these Regulations.
f2: 1979 c. 34. Amended by S.I. 1996/1189, 2001/2617 and 3538 and 2002/1501.
f3: 1985 c. 66. Section 54 was repealed in part by the Education (Student Loans) Act 1990 (c. 6), Schedule 2, paragraph 6.
f4: 1986 c. 45. Section 279 was substituted by section 256 of the Enterprise Act 2002 (c. 40) (“the 2002 Act”).
f5: 1986 c. 45. Schedule 4A was inserted by section 257 of the 2002 Act.
f6: 1986 c. 46. Section 1 was amended by the Insolvency Act 2000 (c. 39) (“the 2000 Act”), section 5 and Schedule 4, Part I, paragraph 2, and by the 2002 Act, sections 204 and 279. Section 2 was inserted by the 2000 Act, section 6.