Part XXIX Interpretation

C1C2C3425AF1Consumers: regulated activities etc carried on by authorised persons

1

This section has effect for the purposes of the provisions of this Act which apply this section.

2

“Consumers” means persons F8who—

a

F9who use, have used or may use any of the services within subsection (3); F3...

b

F9who have relevant rights or interests in relation to any of those services F2; F10or

c

whose rights, interests or obligations are affected by the level of a regulated benchmarkF11; or

d

in respect of whom a person carries on an activity which is specified in article 89G of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (seeking out etc claims) whether that activity, as carried on by that person, is a regulated activity or is, by reason of an exclusion provided for under the 2001 Order or the 2000 Act, not a regulated activity.

3

The services within this subsection are services provided by—

a

authorised persons in carrying on regulated activities;

b

authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services; or

c

persons acting as appointed representatives.

4

A person (“P”) has a “relevant right or interest” in relation to any services within subsection (3) 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.

5

If a person is providing a service within subsection (3) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service.

6

A person who deals with another person (“A”) in the course of A providing a service within subsection (3) is to be treated as using the service.

7

In this section—

  • “credit institution” means—

    1. a

      a credit institution authorised under the F5capital requirements directive; or

    2. b

      an institution which would satisfy the requirements for authorisation as a credit institution under that directive if it had its registered office (or if does not have one, its head office) in an EEA State;

  • F4“regulated benchmark” means a benchmark, as defined in section 22(6) F6or (6A), in relation to which any provision made under section 22(1A)(b) F7or (c) has effect.

  • “relevant ancillary service” means any service of a kind mentioned in Section B of Annex I to the markets in financial instruments directive the provision of which does not involve the carrying on of a regulated activity.