The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

[F1Total charge for creditU.K.

60M.—(1) The FCA may make rules specifying how the total charge for credit to the borrower under a credit agreement is to be determined for the purposes of this Chapter.

(2) Rules made under paragraph (1) may in particular—

(a)specify how the total charge for credit to a person who is, or is to become, the borrower under a credit agreement is to be determined;

(b)specify what items are to be included in determining the total charge for credit and how the value of those items is to be determined;

(c)specify the method of calculating the rate of the total charge for credit;

(d)provide for the whole or part of the amount payable by the borrower or a relative of the borrower under a linked transaction (within the meaning given by article 60E(8)) to be included in the total charge for credit, whether or not the lender is a party to the transaction or derives a benefit from it.]

Textual Amendments