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

CHAPTER 6 Miscellaneous

Definition of “consumers”

65.—(1) For the purposes of the provisions listed in paragraph (3), “consumers” includes persons—

(a) who before 1st April 2014 used a relevant credit service,

(b) who have rights or interests which are derived from, or are otherwise attributable to, the use of any such services by other persons, or

(c) who have rights or interests which may be adversely affected by the use of any such services by persons acting on their behalf or in a fiduciary capacity in relation to them.

(2) For the purposes of paragraph (1), “relevant credit services” are services provided—

(i) by a person who held or was covered by a licence under the 1974 Act, or

(ii) in carrying on a consumer credit business or an ancillary credit business (in each case, within the meaning of the 1974 Act).

(3) The provisions are—

(a) section 1G of the Act(1) (meaning of consumer);

(b) section 1Q of the Act (Consumer Panel);

(c) section 391(6)(b) of the Act(2) (publication);

(d) section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries).

(4) For the purposes of this article—

(a) where a person provided a service mentioned in paragraph (1) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service;

(b) a person who deals, or dealt, with another person (“A”) in the course of A providing a service mentioned in paragraph (1) is to be treated as using, or having used, the service.

Information sharing

66.—(1) The OFT may disclose to the FCA any information which the OFT considers is necessary or expedient to disclose to the FCA in preparation for the commencement of any provision of this Order or any order made under section 107 of the Financial Services Act 2012 which confers functions on the FCA.

(2) A local weights and measures authority in England, Wales or Scotland and the Department of Enterprise, Trade and Investment in Northern Ireland may disclose to the FCA any information which that person considers is necessary or expedient to disclose to the FCA in preparation for the commencement of any provision of this Order or any order made under section 107 of the Financial Services Act 2012 which confers functions on the FCA.

(1)

Section 1G was inserted by the Financial Services Act 2012, section 6.

(2)

Section 391(6) was substituted by the Financial Services Act 2012, Schedule 9, paragraph 30(6).