Textual Amendments
F1Pt. 2 Ch. 7B inserted (26.7.2013 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2), 5
39M.—(1) For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by article 39F (debt-collecting) or 39G (debt administration), or article 64 (agreeing to carry on specified kinds of activity) so far as relevant to that activity the following are to be treated as a “consumer”—
(a)the borrower under the agreement or the hirer under the consumer hire agreement;
(b)someone who has been the borrower or hirer under that agreement;
(c)a person who is treated by A as a person falling within sub-paragraph (a) or (b).
(2) For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by article 39F or 39G, the following are to be treated as a “client”—
(a)the borrower under the agreement or the hirer under the consumer hire agreement;
(b)someone who has been the borrower or hirer under that agreement;
(c)a person who is treated by A as a person falling within sub-paragraph (a) or (b).
(3) In this article, “borrower” includes (in addition to those persons included in the definition in article 60L)—
(a)any person providing a guarantee or indemnity under the agreement, and
(b)a person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.]