SCHEDULE 1
PART IControlled Activities
Credit broking
4B.
(1)
Each of the following is a controlled activity—
(a)
effecting an introduction of an individual or relevant recipient of credit to a person who enters into as lender relevant credit agreements F1(other than credit agreements which are exempt agreements under the relevant provisions) by way of business;
F2(b)
effecting an introduction of an individual or relevant recipient of credit to a person who, by way of business, enters into as owner regulated consumer hire agreements or agreements which would be regulated consumer hire agreements but for article 60O (exempt agreements: exemptions relating to nature of agreement) or article 60Q (exempt agreements: exemptions relating to the nature of the hirer) of the Regulated Activities Order;
(c)
effecting an introduction of an individual or relevant recipient of credit to a person who carries on an activity of the kind specified in paragraph (a) or (b) by way of business;
(d)
presenting or offering an agreement which would (if entered into) be a relevant credit agreement F3(other than a credit agreement which is an exempt agreement under the relevant provisions) to an individual or relevant recipient of credit;
(e)
assisting an individual or relevant recipient of credit by undertaking preparatory work in respect of a relevant credit agreement F4(other than a credit agreement which is an exempt agreement under the relevant provisions);
(f)
entering into a relevant credit agreement F5(other than a credit agreement which is an exempt agreement under the relevant provisions) on behalf of a lender.
F6(1A)
But an activity is not a controlled activity falling within sub-paragraph (1) to the extent that it is a controlled activity falling within paragraph 10A (arranging qualifying credit etc.).
F7(2)
For the purposes of paragraph (1)—
(a)
“relevant provisions” are article 60E(5) (exempt agreements: exemptions relating to the nature of the lender) and article 60F(exempt agreements: exemptions relating to number of repayments to be made) of the Regulated Activities Order;
(b)
it is immaterial whether the relevant credit agreement or the consumer hire agreement is subject to the law of a country other than the United Kingdom.