The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015

Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

4.—(1) The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(1) is amended as follows.

(2) In article 55B (insolvency practitioners)(2), for “who carries on” substitute “in the course of carrying on”.

(3) In article 72F (credit agreements offered to employees by employers)(3), for paragraph (2)(a) substitute—

“(a) offered by a lender to a borrower as an incident of employment with the lender, or with an undertaking in the same group as the lender; and”.

(4) In paragraph 4B (credit broking)(4) of Schedule 1—

(a) in sub-paragraph (1)(a), after “relevant credit agreements”, insert “(other than credit agreements which are exempt agreements under the relevant provisions)”;

(b) for sub-paragraph (1)(b), substitute—

“(b) effecting an introduction of an individual or relevant recipient of credit to a person who, by way of business, enters into as owner regulated consumer hire agreements or agreements which would be regulated consumer hire agreements but for article 60O (exempt agreements: exemptions relating to nature of agreement)(5) or article 60Q (exempt agreements: exemptions relating to the nature of the hirer)(6) of the Regulated Activities Order;”

(c) in sub-paragraph (1)(d), (e) and (f), after “a relevant credit agreement”, insert “(other than a credit agreement which is an exempt agreement under the relevant provisions)”;

(d) for sub-paragraph (2), substitute—

“(2) For the purposes of paragraph (1)—

(a) “relevant provisions” are article 60E(5) (exempt agreements: exemptions relating to the nature of the lender)(7) and article 60F(exempt agreements: exemptions relating to number of repayments to be made) of the Regulated Activities Order;

(b) it is immaterial whether the relevant credit agreement or the consumer hire agreement is subject to the law of a country other than the United Kingdom.”.

(1)

S.I. 2005/1529.

(2)

Article 55B inserted by S.I. 2014/506.

(3)

Article 72F was inserted by S.I. 2014/208.

(4)

Paragraph 4B was inserted by S.I. 2013/1881 and amended by S.I. 2014/366.

(5)

Article 60O was inserted by S.I. 2013/1881 and amended by S.I. 2014/366.

(6)

Article 60Q was inserted by S.I. 2013/1881.

(7)

Article 60E and article 60F were inserted (with articles 60B to 60M) by S.I. 2013/1881. Article 60E was amended by S.I. 2014/366.