Paragraph 10 Providing qualifying credit
(1)
Providing qualifying credit is a controlled activity.
(2)
“Qualifying credit” is a credit provided pursuant to an agreement under which—
(a)
the lender is a person who carries on the regulated activity specified in article 61 of the Regulated Activities Order; and
(b)
the obligation of the borrower to repay is secured (in whole or in part) on land.
(3)
“Credit” includes a cash loan and any other form of financial accommodation.