Article 2 Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f1 is amended as follows.

After article 36F (activities carried on by members of the legal profession etc)^f2 insert—

“Activities carried on by registered social landlords

36FA.

(1)

There are excluded from article 36A (credit broking) activities carried on by a registered social landlord, for which the registered social landlord does not receive a fee.

(2)

The exclusion in paragraph (1) only applies to activities relating to the introduction of an individual who wishes to enter into a credit agreement, to—

(a)

a credit union;

(b)

a community benefit society;

(c)

a community interest company limited by guarantee;

(d)

a registered charity, or a subsidiary of a registered charity;

(e)

a subsidiary of a registered social landlord.

(3)

For the purposes of this article, “fee” includes pecuniary consideration or any other form of financial consideration.

(4)

In this article—

• “community benefit society” means a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014^f3 or a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969^f4;

• “community interest company limited by guarantee” means a community interest company limited by guarantee within the meaning of section 26 of the Companies (Audit, Investigations and Community Enterprise) Act 2004^f5;

• “credit union” means a credit union within the meaning of—

  1. (a)

     the Credit Unions Act 1979^f6;

  2. (b)

     the Credit Unions (Northern Ireland) Order 1985^f7;

• “registered charity” means

  1. (a)

     in England and Wales, a charity registered under section 30(1) of the Charities Act 2011^f8;

  2. (b)

     in Scotland, a charity registered within the meaning of section 13(1) of the Charities and Trustee Investment (Scotland) Act 2005^f9

  3. (c)

     in Northern Ireland, a charity registered under section 16(2) of the Charities Act (Northern Ireland) 2008^f10;

• “registered social landlord” means—

  1. (a)

     in England, a private registered provider within the meaning of section 80(3) of the Housing and Regeneration Act 2008^f11;

  2. (b)

     in Wales, a registered social landlord within the meaning of Part 1 of the Housing Act 1996^f12;

  3. (c)

     in Scotland, a registered social landlord within the meaning of the Housing (Scotland) Act 2010^f13;

  4. (d)

     in Northern Ireland, a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992^f14;

• “subsidiary” means a subsidiary as defined by section 1159 of the Companies Act 2006^f15.”