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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013
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Grandfathered permission for certain debt-counsellors
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60.—(1) On and after 1st April 2014, a not-for-profit body which, immediately before 1st April 2014, was covered by a group licence under the 1974 Act to carry on the activity of debt-counselling (within the meaning of the 1974 Act) is to be treated for all purposes as having Part 4A permission to carry on regulated activities of the kind specified by 39D (debt adjusting), articles 39E (debt-counselling) and 89A (providing credit information services) of the Regulated Activities Order and article 64 of that Order in so far as relevant to those activities, to the extent that those regulated activities are activities which are described in the licence.
(2) In this article, a “not-for-profit body” means a body which, by virtue of its constitution or any enactment—
(a)is required (after payment of outgoings) to apply the whole of its income and any capital it expends for charitable or public purposes, and
(b)is prohibited from directly or indirectly distributing amongst its members any part of its assets (otherwise than for charitable or public purposes).
(3) For the purposes of this article, it is the effect of the group licence that matters, not how the activities for which a licence is given are described.
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