Financial Services and Markets Act 2000

Valid from 08/04/2010

[F1 Funding of the relevant costs by consumer credit licensees etc U.K.

Textual Amendments

F1 Sch. 1A inserted (8.4.2010 for certain purposes and 1.4.2011 otherwise) by Financial Services Act 2010 (c. 28), ss. 2(6), 26(1)(b)(k), Sch. 1 para. 1 (with Sch. 1 para. 2); S.I. 2010/2480, art. 3

13 (1) For the purpose of meeting a proportion of the relevant costs the OFT may, with the approval of the Secretary of State and the Treasury, from time to time require— U.K.

(a) qualifying consumer credit licensees or applicants, or

(b) any specified class of qualifying consumer credit licensee or applicant,

to pay to the OFT specified amounts or amounts calculated in a specified way.

(2) The requirements are to be imposed by general notice.

(3) “Qualifying consumer credit licensee or applicant” means—

(a) a licensee under a licence which covers to any extent the carrying on of a type of business specified in an order under section 226A(2)(e); or

(b) an applicant for a licence, or for the renewal of a licence, which (if granted or renewed) will fall within paragraph (a) above.

(4) Before giving a general notice the OFT must have regard to other anticipated sources of funding of the relevant costs.

(5) Before giving a general notice, the OFT must consult—

(a) the Authority;

(b) the consumer financial education body; and

(c) such other persons (if any) as the OFT considers appropriate.

(6) The amounts to be paid under a general notice may include a component to cover the expenses of the OFT in collecting the payments (“collection costs”).

(7) The OFT must pay to the consumer financial education body the amounts that it receives under a general notice apart from amounts in respect of its collection costs (which it may keep).

(8) A general notice may—

(a) specify the time at or by which the payments are to be made;

(b) provide for exceptions from requirements imposed on a class of qualifying consumer credit licensee or applicant;

(c) impose different requirements on different classes of qualifying consumer credit licensee or applicant;

(d) make provision for refunds in specified circumstances.

(9) Expressions which are used in sub-paragraph (3) and in the Consumer Credit Act 1974 have the same meaning in that sub-paragraph as in that Act.

(10) In this paragraph—

• “general notice” means a notice published by the OFT at a time and in a manner appearing to it suitable for securing that the notice is seen within a reasonable time by persons likely to be affected by it;

• “the OFT” means the Office of Fair Trading;

• “specified” means specified in the general notice.]