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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2013, ISBN 9780111100493

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under paragraph 26 of Schedule 2 to the Financial Services and Markets Act 2000 and paragraph 2(2) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament.

Financial Services And Markets

Made ***

Coming into force in accordance with article 1

The Treasury are a government department designated for the purpose of section 2(2) of the European Communities Act 1972 in relation to financial servicesf1.

In accordance with paragraph 26 of Schedule 2 to the Financial Services and Markets Act 2000f2 and paragraph 2(2) of Schedule 2 to the European Communities Act 1972, a draft of this Order has been laid before Parliament and approved by a resolution of each House.

The Treasury are of the opinion that one of the effects of the proposed order would be that an activity which is not a regulated activity would become a regulated activity.

The Treasury, in exercise of the powers conferred by sections 22(1), (1A) and (5) and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000f3 and section 2(2) of the European Communities Act 1972f4, make the following Order:

Annotations to the whole text

Footnotes

f1

S.I. 2012/1759.

f2

2000 c.8. Paragraph 26 of Schedule 2 was substituted by section 8 of the Financial Services Act 2012 (c.21)

f3

Section 22 was amended by section 7 of the Financial Services Act 2012.

f4

1972 c. 68. Amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and the Schedule to the European Union (Amendment) Act 2008 (c.7).

Contents

  1. Part 1: Introduction
  2. 1Citation, commencement and interpretation
  3. Part 2: Amendments of the Regulated Activities Order
  4. 2Amendments of the Regulated Activities Order
  5. 3Definitions etc.
  6. 4Credit broking etc.
  7. 5Activities relating to debt
  8. 6Entering into etc. a regulated credit agreement
  9. 7The investments
  10. 8Provision of credit information services
  11. 9Other amendments
  12. Part 3: Amendments of the Act etc.
  13. 10Amendments of the Act
  14. 11Transitional and savings provisions related to article 10
  15. 12Obligations of certain credit brokers who are not authorised persons
  16. Part 4: Amendments of secondary legislation made under the Act
  17. 13The Financial Services and Markets Act 2000 (Carrying on Regulated Activities By Way of Business) Order 2001
  18. 14The Financial Services and Markets Act 2000 (Exemption) Order 2001
  19. 15The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001
  20. 16The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001
  21. 17The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
  22. 18The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Consumer Credit Jurisdiction) Order 2007
  23. 19The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009
  24. Part 5: Amendments of the Consumer Credit Act 1974 etc.
  25. 20Amendments of the 1974 Act
  26. Part 6: Amendments to secondary legislation made under the 1974 Act
  27. 21Revocation of secondary legislation made under the 1974 Act
  28. 22Saving provision related to article 21
  29. 23The Consumer Credit (Agreements) Regulations 1983
  30. 24The Consumer Credit (Early Settlement) Regulations 2004
  31. 25The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007
  32. 26The Consumer Credit (Disclosure of Information) Regulations 2010
  33. 27The Consumer Credit (Agreements) Regulations 2010
  34. Part 7: Consequential amendments and transitional provisions
  35. 28Consequential amendments to other legislation etc.
  36. Part 8: Transitional provisions
  37. Chapter 1: Interpretation
  38. 29Interpretation of Part 8
  39. Chapter 2: Licensing etc.
  40. 30Meaning of “relevant person” in Chapter 2
  41. 31Applications for a standard licence where no determination made before 1st April 2014
  42. 32Applications for a standard licence where determination has been made but appeal period has not ended
  43. 33Variation of licence at request of licensee where no determination made before 1st April 2014
  44. 34Variation of licence at request of licensee where determination has been made but appeal period has not ended
  45. 35Compulsory variation of a licence where no determination to vary made before 1st April 2014
  46. 36Compulsory variation of a licence where determination to vary made before 1st April 2014
  47. 37Revocation etc. of licence where no determination made before 1st April 2014
  48. 38Revocation etc. of licence where determination made before 1st April 2014
  49. 39Suspension of licence where determination made before 1st April 2014 but not confirmed
  50. 40Suspension of licence where determination made before 1st April 2014 and confirmed
  51. 41Imposition of requirements etc. where no determination made before 1st April 2014
  52. 42Imposition of requirements etc. where determination made but appeal period has not ended
  53. 43Failure to comply with information requirement
  54. 44Civil penalties – where no determination made before 1st April 2014
  55. 45Civil penalties – where determination made but appeal period has not ended
  56. 46Civil penalties – where determination made before 1st April 2014 and penalty due
  57. 47Civil penalties – where no formal action taken before 1st April 2014
  58. 48Enforcement of agreements made by unlicensed trader
  59. 49Offences committed under the 1974 Act before 1st April 2014
  60. 50Information and investigation powers
  61. 51Applications made to the OFT which have not been determined by 1st April 2014
  62. 52Decision notices
  63. 53Waivers
  64. Chapter 3: Appeals
  65. 54Appeals – where steps taken before 1st April 2014
  66. 55Appeals – where no steps taken before 1st April 2014
  67. Chapter 4: Permission etc.
  68. 56Interim permission
  69. 57Procedure for notifying FCA
  70. 58Duration of interim permission
  71. 59Application of the Act to persons with an interim permission
  72. 60Grandfathered permission for certain debt-counsellors
  73. Chapter 5: Rules and guidance
  74. 61Credit-related rules and guidance made by the FCA
  75. 62Credit-related rules made by the PRA
  76. 63Designation of provisions made under the 1974 Act
  77. 64Designating instruments
  78. Chapter 6: Miscellaneous
  79. 65Definition of “consumers”
  80. 66Information sharing
  81. Signature
  82. Schedule
  83. Part 1: Amendments of other Acts of Parliament
  84. 1Companies Act 1985
  85. 2Courts and Legal Services Act 1990
  86. 3Agriculture and Forestry (Financial Provisions) Act 1991
  87. 4Tribunals and Inquiries Act 1992
  88. 5Railways Act 1993
  89. 6Teaching and Higher Education Act 1998
  90. 7Criminal Justice and Police Act 2001
  91. 8Proceeds of Crime Act 2002
  92. 9Income Tax (Earnings and Pensions) Act 2003
  93. 10Consumer Credit Act 2006
  94. 11Companies Act 2006
  95. 12Income Tax Act 2007
  96. 13Legal Services Act 2007
  97. 14Sale of Student Loans Act 2008
  98. 15Counter-Terrorism Act 2008
  99. 16Corporation Tax Act 2009
  100. 17Energy Act 2011
  101. Part 2: Amendments of secondary legislation etc.
  102. 18The Estate Agents (Specified Offences) (No. 2) Order 1991
  103. 19The Education (Student Loans) Regulations (Northern Ireland) 1998
  104. 20The Education (Student Loans) Regulations 1998
  105. 21The Education (Student Support) (Northern Ireland) Order 1998
  106. 22The Representation of the People (England and Wales) Regulations 2001
  107. 23The Representation of the People (Scotland) Regulations 2001
  108. 24The Education (Student Support) Regulations (Northern Ireland) 2002
  109. 25The High Court Enforcement Officers Regulations 2004
  110. 26The Financial Services (Distance Marketing) Regulations 2004
  111. 27The Gender Recognition (Disclosure of Information) (England, Wales and Northern Ireland) (No 2) Order 2005
  112. 28The Gender Recognition (Disclosure of Information) (Scotland) Order 2005
  113. 29The Education (Student Loans for Tuition Fees) (Scotland) Regulations 2006
  114. 30The Education (Student Loans) (Scotland) Regulations 2007
  115. 31The Money Laundering Regulations 2007
  116. 32Transitional provision in relation to the Money Laundering Regulations 2007
  117. 33The Administrative Justice and Tribunals Council (Listed Tribunals) Order 2007
  118. 34The Graduate Endowment (Scotland) Regulations 2008
  119. 35The Supply of Information (Register of Deaths) (England and Wales) Order 2008
  120. 36The Supply of Information (Register of Deaths) (Northern Ireland) Order 2008
  121. 37The Representation of the People (Northern Ireland) Regulations 2008
  122. 38The Cancellation of Contracts made in a Consumer’s Home or Place of Work etc. Regulations 2008
  123. 39The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009
  124. 40The Payment Services Regulations 2009
  125. 41The Education (Student Loans) (Repayment) Regulations 2009
  126. 42The Electronic Money Regulations 2011
  127. 43The Debt Arrangement Scheme (Scotland) Regulations 2011
  128. 44The Green Deal Framework (Disclosure, Acknowledgement, Redress etc.) Regulations 2012
  129. 45The Universal Credit, Personal Independence Payment, Jobseeker’s Allowance and Employment and Support Allowance (Claims and Payments) Regulations 2013
  130. Part 3: Amendments of other legislation
  131. 46The Housing (Scotland) Act 2006
  132. Explanatory note