The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

Provision of credit information services

8.—(1) In article 64 (agreeing to carry on specified kinds of activity)(1), after “this Part” insert “or Part 3A”.

(2) After article 89 (rights to or interests in investments) insert—

“PART 3A SPECIFIED ACTIVITIES IN RELATION TO INFORMATION

The activities

Providing credit information services

89A.— (1) Taking any of the steps in paragraph (3) on behalf of an individual or relevant recipient of credit is a specified kind of activity.

(2) Giving advice to an individual or relevant recipient of credit in relation to the taking of any of the steps specified in paragraph (3) is a specified kind of activity.

(3) Subject to paragraph (4), the steps specified in this paragraph are steps taken with a view to—

(a) ascertaining whether a credit information agency holds information relevant to the financial standing of an individual or relevant recipient of credit;

(b) ascertaining the contents of such information;

(c) securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information;

(d) securing that a credit information agency which holds such information—

(i) stops holding the information, or

(ii) does not provide it to any other person.

(4) Steps taken by a credit information agency in relation to information held by that agency are not steps specified in paragraph (3).

(5) Paragraphs (1) and (2) do not apply to an activity of the kind specified by article 36H (operating an electronic system in relation to lending).

(6) “Credit information agency” means a person who carries on by way of business an activity of the kind specified by any of the following—

(a) article 36A (credit broking);

(b) article 39D (debt adjusting);

(c) article 39E (debt-counselling);

(d) article 39F (debt-collecting);

(e) article 39G (debt administration);

(f) article 60B (regulated credit agreements) disregarding the effect of article 60F;

(g) article 60N (regulated consumer hire agreements) disregarding the effect of article 60P;

(h) article 89B (providing credit references).

Providing credit references

89B.— (1) Furnishing of persons with information relevant to the financial standing of individuals or relevant recipients of credit is a specified kind of activity if the person has collected the information for that purpose.

(2) There are excluded from paragraph (1) activities carried on in the course of a business which does not primarily consist of activities of the kind specified by paragraph (1).

(3) Paragraph (1) does not apply to an activity of the kind specified by article 36H (operating an electronic system in relation to lending).

Exclusions

Activities carried on by members of the legal profession etc.

89C.— (1) There are excluded from articles 89A and 89B activities carried on by—

(a) a barrister or advocate acting in that capacity;

(b) a solicitor (within the meaning of the Solicitors Act 1974) acting in the course of contentious business (as defined in section 87(1) of that Act);

(c) a solicitor within the meaning of the Solicitors (Scotland) Act 1980 engaging in business done in or for the purposes of proceedings before a court or before an arbitrator;

(d) a solicitor in Northern Ireland engaging in contentious business as defined in Article 3(2) of the Solicitors (Northern Ireland) Order 1976;

(e) a relevant person (other than a person falling within sub-paragraph (a) to (d)) acting in the course of contentious business.

(2) In sub-paragraph (e) of paragraph (1)—

“contentious business” means business done in or for the purposes of proceedings begun before a court or before an arbitrator, not being non-contentious or common form probate business (within the meaning of section 128 of the Senior Courts Act 1981(2));

“relevant person” means a person who, for the purposes of the Legal Services Act 2007, is an authorised person in relation to an activity which constitutes the exercise of a right of audience or the conduct of litigation (within the meaning of that Act).

Information society services

89D.   Articles 89A and 89B are subject to the exclusion in article 72A (information society services).

Supplemental

Meaning of “consumer” etc.

89E.— (1) For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”)—

(a) an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, and

(b) an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of information furnished in the course of a person carrying on an activity of the kind specified by article 89B,

is to be treated as a “consumer”.

(2) For the purposes of section 328(8) of the Act (meaning of “clients”)—

(a) an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, and

(b) an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of information furnished in the course of a person carrying on an activity of the kind specified by article 89B,

is to be treated as a “client”.”.

(1)

Amended by S.I. 2002/682, 2006/3384 and 2009/1389.

(2)

1981 c.54.