The Financial Services (Distance Marketing) Regulations 2004

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The Financial Services (Distance Marketing) Regulations 2004, Section 2 is up to date with all changes known to be in force on or before 22 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2

InterpretationU.K.

This section has no associated Explanatory Memorandum

2.—(1) In these Regulations—

M1“the 1974 Act” means the Consumer Credit Act 1974 ;

M2“the 2000 Act” means the Financial Services and Markets Act 2000 ;

“the Authority” means the [F1Financial Conduct Authority];

“appointed representative” has the same meaning as in section 39(2) of the 2000 Act (exemption of appointed representatives);

[F2“authorised non-business overdraft agreement” has the same meaning as in section 189 of the 1974 Act;]

F3“authorised person” has the same meaning as in ... the 2000 Act (authorised persons);

“breach” means a contravention by a supplier of a prohibition in, or a failure by a supplier to comply with a requirement of, these Regulations;

“business” includes a trade or profession;

[F4“the CMA” means the Competition and Markets Authority;]

“consumer” means any individual who, in contracts to which these Regulations apply, is acting for purposes which are outside any business he may carry on;

[F5“consumer credit agreement” has the same meaning as in section 189 of the 1974 Act;]

“court” in relation to England and Wales and Northern Ireland means a county court or the High Court, and in relation to Scotland means the Sheriff Court or the Court of Session;

“credit” includes a cash loan and any other form of financial accommodation, and for this purpose “cash” includes money in any form;

“designated professional body” has the same meaning as in section 326(2) of the 2000 Act (designation of professional bodies);

[F6“the Directive” means Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 1990/619/EEC and Directives 1997/7/EC and 1998/27/EC;]

[F7“the Disclosure of Information Regulations” means the Consumer Credit (Disclosure of Information) Regulations 2010;]

“distance contract” means any contract concerning one or more financial services concluded between a supplier and a consumer under an organised distance sales or service-provision scheme run by the supplier or by an intermediary, who, for the purpose of that contract, makes exclusive use of one or more means of distance communication up to and including the time at which the contract is concluded;

“durable medium” means any instrument which enables a consumer to store information addressed personally to him in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;

F8...

“EEA supplier” means a supplier who is a national of an EEA State, or a company or firm (within the meaning of [F9Article 54 of the Treaty on the Functioning of the European Union]) formed in accordance with the law of an EEA State;

“EEA State” means a State which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2nd May 1992, as adjusted by the Protocol signed at Brussels on 17th March 1993;

“exempt regulated activity” has the same meaning as in section 325(2) of the 2000 Act;

“financial service” means any service of a banking, credit, insurance, personal pension, investment or payment nature;

“means of distance communication” means any means which, without the simultaneous physical presence of the supplier and the consumer, may be used for the marketing of a service between those parties;

[F10“the Pre-Contract Credit Information (Overdrafts) form” means the form set out in Schedule 3 to the Disclosure of Information Regulations;]

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

“regulated activity” has the same meaning as in section 22 of the 2000 Act (the classes of activity and categories of investment);

M3“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;

[F12“regulated consumer credit agreement” means a consumer credit agreement [F13which is a regulated agreement (within the meaning given by section 189 of the 1974 Act)].]

[F14“the relevant regulator” means—

(a)

in relation to a specified contract (within the meaning given in regulation 17) or any alleged breach concerning such a contract, the Authority; and

(b)

in relation to any other contract or any alleged breach concerning such a contract, the CMA;]

“rule” means a rule—

(a)

made by the Authority under the 2000 Act, or

(b)

made by a designated professional body, and approved by the Authority, under section 332 of the 2000 Act,

as the context requires;

“supplier” means any person who, acting in his commercial or professional capacity, is the contractual provider of services.

(2) In these Regulations, subject to paragraph (1), any expression used in these Regulations which is also used in the Directive has the same meaning as in the Directive.

Textual Amendments

F1Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 97(a)

F2Words in reg. 2(1) inserted (with application in accordance with regs. 100, 101 of the amending S.I.) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 86(a), 99(1)

F3Words in reg. 2(1) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 97(b)

F4Words in reg. 2 inserted (26.2.2014 for specified purposes, 1.4.2014 insofar as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 3(2)(a)

F5Words in reg. 2(1) inserted (with application in accordance with regs. 100, 101 of the amending S.I.) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 86(b), 99(1)

F6Words in reg. 2(1) substituted (14.3.2019) by The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574), regs. 1(2), 3

F7Words in reg. 2(1) inserted (with application in accordance with regs. 100, 101 of the amending S.I.) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 86(c), 99(1)

F8Words in reg. 2(1) omitted (31.12.2020) by virtue of The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574), regs. 1(3), 5(a); 2020 c. 1, Sch. 5 para. 1(1)

F9Words in reg. 2(1) substituted (1.8.2012) by The Treaty of Lisbon (Changes in Terminology or Numbering) Order 2012 (S.I. 2012/1809), art. 2(1), Sch. Pt. 2 (with art. 2(2))

F10Words in reg. 2(1) inserted (31.12.2020) by The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574), regs. 1(3), 5(b); 2020 c. 1, Sch. 5 para. 1(1)

F11Words in reg. 2 omitted (26.2.2014 for specified purposes, 1.4.2014 insofar as not already in force) by virtue of The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 3(2)(b)