Paragraph 10A Arranging qualifying credit etc.

United Kingdom

F1(1)

Making arrangements—

(a)

for another person to enter as borrower into an agreement for the provision of qualifying credit; or

(b)

for a borrower under a regulated mortgage contract F2falling within sub-paragraph (2) to vary the terms of that contract in such a way as to vary his obligations under that contract,

is a controlled activity.

F3(2)

A regulated mortgage contract falls within this sub-paragraph if—

(a)

the contract was entered into on or after 31st October 2004; or

(b)

the contract—

(i)

was entered into before 31st October 2004; and

(ii)

was a regulated credit agreement immediately before 21st March 2016.

(3)

In this paragraph “regulated mortgage contract” has the meaning given by article 61(3) of the Regulated Activities Order.

Annotations

Textual amendments

F1: Sch. 1 para. 10A renumbered as Sch. 1 para. 10A(1) (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 6(4)(a) (with Pt. 5)
F2: Words in Sch. 1 para. 10A(1)(b) substituted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 6(4)(b) (with Pt. 5)
F3: Sch. 1 para. 10A(2)(3) inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 6(4)(c) (with Pt. 5)