PART II SPECIFIED ACTIVITIES

Chapter XIIAdvising on Investments

The activity

F1Advising on regulated mortgage contracts53A.

(1)

Advising a person is a specified kind of activity if the advice—

(a)

is given to the person in his capacity as a borrower or potential borrower; and

(b)

is advice on the merits of his doing any of the following—

(i)

entering into a particular regulated mortgage contract, or

(ii)

varying the terms of a regulated mortgage contract F2falling within paragraph (1A) entered into by him F3... in such a way as to vary his obligations under that contract.

F4(1A)

A regulated mortgage contract falls within this paragraph if—

(a)

the contract was entered into on or after 31st October 2004; or

(b)

the contract—

(i)

was entered into before 31st October 2004; and

(ii)

was a regulated credit agreement immediately before 21st March 2016.

(2)

In this article, “borrower” has the meaning given by article 61(3)(a)(i).