Sch. paras. 55, 56 and cross-headings inserted (1.4.2014) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506), arts. 1(4), 2(3)

http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/55The Financial Services and Markets Act 2000 (Exemption) Order 2001texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2022-07-29This Order provides for certain persons to be exempt from the general prohibition which is imposed by section 19 of the Financial Services and Markets Act 2000 (c. 8) (“the Act"). Exempt persons are not required to be authorised to carry on regulated activities. Regulated activities are activities of a kind specified by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) which relate to an investment of a kind specified by that Order and which are carried on by way of business.SCHEDULEPART IV PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIESPersons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated credit agreement551

A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order (regulated credit agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of the agreement.

2

Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(1) (debt-counselling) or 39F(1) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.

3

P is within the description in this sub-paragraph if P—

a

is not the original lender;

b

does not grant, is not required to grant, and does not promise to grant credit under the qualifying agreement or any other regulated credit agreement; and

c

does not undertake any activity of the kind specified in article 39D(1) (debt adjusting), 39E(1) or 39F(1) of the Regulated Activities Order, or which would be so specified but for article 39H(1) of that Order, except in an exempt period.

4

The condition in this sub-paragraph is that—

a

P has entered into a servicing arrangement in relation to the qualifying agreement; or

b

an exempt period has not expired.

5

The condition in this sub-paragraph is that—

a

P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and

b

where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).

6

The provisions are—

a

any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the lender under a regulated credit agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the rate of interest, charges, or other amount due to the lender under the agreement); and

b

the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).

7

For the purposes of this paragraph, there are excluded from articles 39E(1) and 39F(1) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.

8

In this paragraph—

“an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;

“the original lender” means the person who provided credit under the qualifying agreement;

“a qualifying agreement” means a regulated credit agreement under which P exercises, or has the right to exercise, the rights of the original lender;

“regulated credit agreement” has the meaning given in article 60B of the Regulated Activities Order;

“the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60B of the Regulated Activities Order;

“a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.

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<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/55">Sch. paras. 55</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/56">56</ref>
and cross-headings inserted (1.4.2014) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/506">The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/506/article/1/4">arts. 1(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/506/article/2/3">2(3)</ref>
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Persons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated credit agreement
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">55</ins>
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order (regulated credit agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of the agreement.</ins>
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">2</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(1) (debt-counselling) or 39F(1) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.</ins>
</p>
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<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">3</ins>
</num>
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">P is within the description in this sub-paragraph if P—</ins>
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<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">a</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">is not the original lender;</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-paragraph-55-3-b">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">b</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">does not grant, is not required to grant, and does not promise to grant credit under the qualifying agreement or any other regulated credit agreement; and</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-paragraph-55-3-c">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">c</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">does not undertake any activity of the kind specified in article 39D(1) (debt adjusting), 39E(1) or 39F(1) of the Regulated Activities Order, or which would be so specified but for article 39H(1) of that Order, except in an exempt period.</ins>
</p>
</content>
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<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">4</ins>
</num>
<intro>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">The condition in this sub-paragraph is that—</ins>
</p>
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<paragraph eId="schedule-paragraph-55-4-a">
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">a</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">P has entered into a servicing arrangement in relation to the qualifying agreement; or</ins>
</p>
</content>
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<paragraph eId="schedule-paragraph-55-4-b">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">b</ins>
</num>
<content>
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">an exempt period has not expired.</ins>
</p>
</content>
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<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">5</ins>
</num>
<intro>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">The condition in this sub-paragraph is that—</ins>
</p>
</intro>
<paragraph eId="schedule-paragraph-55-5-a">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">a</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-paragraph-55-5-b">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">b</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).</ins>
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-paragraph-55-6">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">6</ins>
</num>
<intro>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">The provisions are—</ins>
</p>
</intro>
<paragraph eId="schedule-paragraph-55-6-a">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">a</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the lender under a regulated credit agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the rate of interest, charges, or other amount due to the lender under the agreement); and</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-paragraph-55-6-b">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">b</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).</ins>
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-paragraph-55-7">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">7</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">For the purposes of this paragraph, there are excluded from articles 39E(1) and 39F(1) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-55-8">
<num>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">8</ins>
</num>
<content>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">In this paragraph—</ins>
</p>
<blockList class="unordered">
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">“an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;</ins>
</p>
</item>
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">“the original lender” means the person who provided credit under the qualifying agreement;</ins>
</p>
</item>
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">“a qualifying agreement” means a regulated credit agreement under which P exercises, or has the right to exercise, the rights of the original lender;</ins>
</p>
</item>
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">“regulated credit agreement” has the meaning given in article 60B of the Regulated Activities Order;</ins>
</p>
</item>
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288">“the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60B of the Regulated Activities Order;</ins>
</p>
</item>
<item>
<p>
<ins class="key-cad973d23e1ebe434c34fba1093fb423-1711561670288 last">“a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.</ins>
</p>
</item>
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