Part XXVIII Miscellaneous
Schemes for reviewing past business
404EMeaning of “consumers”
1
For the purposes of sections 404 to 404B “consumers” means persons who—
a
have used, or may have contemplated using, any of the services within subsection (2); or
b
have relevant rights or interests in relation to any of the services within that subsection.
2
The services within this subsection are services provided by—
a
authorised persons in carrying on regulated activities;
b
authorised persons in carrying on a consumer credit business in connection with the accepting of deposits;
c
authorised persons in communicating, or approving the communication by others of, invitations or inducements to engage in investment activity;
d
authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services;
e
persons acting as appointed representatives; or
f
payment service providers in providing payment services.
3
A person (“P”) has a “relevant right or interest” in relation to any services within subsection (2) if P has a right or interest—
a
which is derived from, or is otherwise attributable to, the use of the services by others; or
b
which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P.
4
If a person is providing a service within subsection (2) as a trustee, the persons who have been, or may have been, beneficiaries of the trust are to be treated as persons who have used, or may have contemplated using, the service.
5
A person who deals with another person (“B”) in the course of B providing a service within subsection (2) is to be treated as using the service.
6
In this section—
“accepting”, in relation to deposits, includes agreeing to accept;
“consumer credit business” has the same meaning as in the Consumer Credit Act 1974 (see section 189(1));
“credit institution” has the meaning given by section 138(1B);
“engage in investment activity” has the meaning given by section 21;
“payment services” has the same meaning as in the Payment Services Regulations 2009;
“payment service provider” means a person who is a payment service provider for the purposes of those regulations as a result of falling within any of paragraphs (a) to (e) of the definition in regulation 2(1);
“relevant ancillary services” has the meaning given by section 138(1C).