Article 39M Meaning of “consumer” etc.F1

(1)

For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by article 39F (debt-collecting) or 39G (debt administration), or article 64 (agreeing to carry on specified kinds of activity) so far as relevant to that activity the following are to be treated as a “consumer”—

(a)

the borrower under the agreement or the hirer under the consumer hire agreement;

(b)

someone who has been the borrower or hirer under that agreement;

(c)

a person who is treated by A as a person falling within sub-paragraph (a) or (b).

(2)

For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by article 39F or 39G, the following are to be treated as a “client”—

(a)

the borrower under the agreement or the hirer under the consumer hire agreement;

(b)

someone who has been the borrower or hirer under that agreement;

(c)

a person who is treated by A as a person falling within sub-paragraph (a) or (b).

(3)

In this article, “borrower” includes (in addition to those persons included in the definition in article 60L)—

(a)

any person providing a guarantee or indemnity under the agreement, and

(b)

a person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.

Annotations

Textual amendments

F1: Pt. II Ch. 7B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 5