- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
3.—(1) The Financial Services and Markets Act 2000 (Exemption) Order 2001(1) is amended as follows.
(2) In Part 4 of the Schedule (persons exempt in respect of particular regulated activities)—
(a)in paragraph 54(2) (tracing agents) for “article” substitute “paragraph”; and
(b)after paragraph 54 insert—
54A.—(1) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as that person—
(a)is not the lender or owner under the relevant agreement; and
(b)takes no other steps to procure the payment of the debt or any other debt due from the borrower or hirer under the relevant agreement.
(2) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration) so long as that person is not the lender or owner under the relevant agreement and does not take—
(a)any other steps to exercise or enforce rights under that agreement; or
(b)any steps in the performance of any duties under that agreement.
(3) In sub-paragraph (1) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the payment of a debt due under the relevant agreement.
(4) In sub-paragraph (2) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the exercise or enforcement of rights under the relevant agreement.
(5) In this paragraph—
“borrower”, “hirer”, “lender” and “owner” have the meaning given in article 3 of the Regulated Activities Order;
“legal proceedings” includes arbitration and insolvency proceedings; and
“relevant agreement”, in relation to a person who is a borrower or hirer, means—
the credit agreement (within the meaning given by article 60B of the Regulated Activities Order) or article 36H agreement (within the meaning given by article 36H of that Order) under which that person is the borrower; or
the consumer hire agreement (within the meaning given by article 60N of the Regulated Activities Order) under which that person is the hirer.”.
S.I. 2001/1201, as amended by S.I. 2013/1881. There are other amendments, but they are not relevant.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: