Article 7 Definition of “consumers”

(1)

For the purposes of the provisions listed in paragraph (2), “consumers” includes persons—

(a)

who used any of the services provided before section 19 came into force by—

(i)

persons who were then regulated persons in carrying on relevant activities, or

(ii)

a credit union in the course of accepting deposits;

(b)

who have rights or interests which are derived from, or are otherwise attributable to, the use of any such services by other persons; or

(c)

who have rights or interests which may be adversely affected by the use of any such services by persons acting on their behalf or in a fiduciary capacity in relation to them.

(2)

The provisions are—

(a)

section 1G^f1 (meaning of consumer);

(b)

section 1Q;

(c)

section 391(6)(b)^f2 (publication);

(d)

section 68 of the 2012 Act (cases in which Treasury may arrange independent inquiries).

(3)

In this article—

“regulated person” means, in relation to a time before section 19 came into force—
1. (a)
  
  an authorised person within the meaning of the Financial Services Act 1986^f3;
2. (b)
  
  a person who was an exempted person by virtue of section 43^f4 (listed money market institutions) or section 44^f5 (appointed representatives) of that Act;
3. (c)
  
  an authorised institution within the meaning of the Banking Act 1987^f6;
4. (d)
  
  a person who was authorised under section 3 or 4 of the Insurance Companies Act 1982^f7;
5. (e)
  
  a European institution within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992^f8;
6. (f)
  
  a European investment firm within the meaning of the Investment Services Regulations 1995^f9;
7. (g)
  
  an EC company within the meaning of the Insurance Companies Act 1982 which, by virtue of paragraph 1 or 8 of Schedule 2F^f10 to that Act, was able to carry on direct insurance business through a branch in the United Kingdom or provide insurance in the United Kingdom;
8. (h)
  
  a friendly society which was authorised or treated as authorised for the purposes of Part IV of the Friendly Societies Act 1992^f11, or which was permitted by virtue of section 31(2) or (3) of that Act to carry on any activities without authorisation under that Part; or
9. (i)
  
  a building society which was authorised or treated as authorised for the purposes of the Building Societies Act 1986^f12;
“relevant activities” means—
1. (j)
  
  in relation to persons falling within sub-paragraph (a), (b), (e) or (f) of the definition of “regulated person”, activities constituting investment business within the meaning of the Financial Services Act 1986;
2. (k)
  
  in relation to persons falling within sub-paragraph (c), (e) or (i) of that definition, activities constituting a deposit-taking business within the meaning of the Banking Act 1987;
3. (l)
  
  in relation to persons falling within sub-paragraph (d) or (g) of that definition, activities constituting insurance business within the meaning of the Insurance Companies Act 1982;
4. (m)
  
  in relation to persons falling within sub-paragraph (h) of that definition, activities constituting insurance business within the meaning of the Friendly Societies Act 1992.

(4)

For the purposes of this article—

(a)

where a person provided a service mentioned in paragraph (1) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service;

(b)

a person who deals, or dealt, with another person (“A”) in the course of A providing a service mentioned in paragraph (1) is to be treated as using, or having used, the service.

Annotations

Footnotes

f1: Section 1G is inserted by the 2012 Act, section 6.
f2: Section 391(6) is substituted by the 2012 Act, Schedule 9, Part 6, paragraph 30.
f3: 1986 c.60; repealed by S.I. 2001/3649.
f4: Section 43 was amended by the Bank of England Act 1998 (c. 11) sections 23, 25 and 26 and modified by S.I. 1992/3218, S.I. 1995/3275 and S.I. 1996/1669.
f5: Section 44 was modified by S.I. 1992/3218 and S.I. 1995/3275.
f6: 1987 c.22; repealed by S.I. 2001/3649.
f7: 1982 c.50; repealed by S.I. 2001/3649; section 3 was amended by S.I. 1997/2781.
f8: S.I. 1992/3218; revoked by S.I. 2001/3649; relevant amendments were made by S.I. 1999/2094.
f9: S.I. 1995/3275; revoked by S.I. 2001/3649.
f10: Schedule 2F was inserted by S.I. 1994/1696 and amended by S.I. 1997/2781.
f11: 1992 c.40; Part IV repealed by FSMA 2000, Schedule 18, Part 1, paragraph 5.
f12: 1986 c.53; section 9 and Schedule 3 repealed by FSMA 2000, Schedule 18, Part 3, paragraphs 17 and 18.