Article 29 Amendments of the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001^f1 is amended as follows.

In article 2(1) (interpretation)—

After article 6F (activities to which exemption from the general prohibition does not apply: regulated home purchase plans) insert—

“6G.

(1)

An activity of the kind specified by article 53D of the Regulated Activities Order (advising on regulated sale and rent back agreements) where the advice in question falls within paragraph (2).

(2)

Subject to paragraph (3), advice falls within this paragraph in so far as—

(a)

it consists of a recommendation, given to an individual to enter as agreement seller or agreement provider into a regulated sale and rent back agreement with a particular person; and

(b)

in entering into a regulated sale and rent back agreement that person would be carrying on an activity of the kind specified by article 63J(1) of the Regulated Activities Order (regulated sale and rent back agreements).

(3)

Advice does not fall within paragraph (2) if it endorses a corresponding recommendation given to the individual by an authorised person with permission to carry on an activity of the kind specified by article 53D of the Regulated Activities Order or a person who is an exempt person in relation to an activity of that kind.

6H.

(1)

An activity of the kind specified by article 63J(1) or (2) of the Regulated Activities Order (regulated sale and rent back agreements).

(2)

Paragraph (1) does not apply to an activity carried on by a person in his capacity as a trustee or personal representative where the agreement seller under the regulated sale and rent back agreement in question is a beneficiary under the trust, will or intestacy.”.