The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

Credit brokingU.K.

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.]

Textual Amendments

F6Sch. 1 para. 4B(1A) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 10(8)(a)