Paragraph 10B Advising on qualifying credit etc.

United Kingdom

(1)

Advising a person is a controlled activity if the advice is—

(a)

given to the person in his capacity as a borrower or potential borrower; and

(b)

advice on the merits of his doing any of the following—

(i)

entering into an agreement for the provision of qualifying credit, or

(ii)

varying the terms of a regulated mortgage contract F1falling within sub-paragraph (1A) in such a way as to vary his obligations under that contract.

F2(1A)

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.

(2)

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

Annotations

F1: Words in Sch. 1 para. 10B(1) 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(5)(a) (with Pt. 5)
F2: Sch. 1 para. 10B(1A) 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(5)(b) (with Pt. 5)