PART 8MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION

The Social Security Administration Act 1992 (c. 5)

Meaning of “qualifying lender”330

1

Section 15A of the Social Security Administration Act 1992 is amended as follows.

2

In subsection (3)—

a

for paragraph (a) substitute—

a

a deposit taker;

b

paragraph (b) is repealed; and

c

for paragraph (c) substitute—

c

an insurer;

3

In subsection (4), before the definition of “mortgage interest” insert—

  • “deposit taker” means—

    1. a

      a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

    2. b

      an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;

  • “insurer” means—

    1. a

      a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance, or

    2. b

      an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect and carry out contracts of insurance;

4

After subsection (4) insert—

4A

The definitions of “deposit taker” and “insurer” in subsection (4) must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act.