Article 72F Credit agreements offered to employees by employersF1
United Kingdom
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.
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—
offered by a lender to a borrower as an incident of employment with the lender, or with an undertaking in the same group as the lender; and
an exempt agreement for the purposes of Chapter 14A (regulated credit agreements) of the Regulated Activities Order by virtue of a provision of article 60G (exempt agreements: exemptions relating to the total charge for credit) of that Order other than paragraph (2) of that article.
Annotations
Textual amendments
- F1
Art. 72F inserted (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 4
- F2
Art. 72F(2)(a) substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(3)