The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Meaning of “qualifying lender”

330.—(1) Section 15A of the Social Security Administration Act 1992 is amended as follows.

(2) In subsection (3)—

(a) for paragraph (a) substitute—

“(a) a deposit taker;”;

(b) paragraph (b) is repealed; and

(c) for paragraph (c) substitute—

“(c) an insurer;”.

(3) In subsection (4), before the definition of “mortgage interest” insert—

““deposit taker” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;

“insurer” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect and carry out contracts of insurance;”.

(4) After subsection (4) insert—

“(4A) The definitions of “deposit taker” and “insurer” in subsection (4) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.