Part XXVIII Miscellaneous

Schemes for reviewing past business

404EMeaning of “consumers”

1

For the purposes of sections 404 to 404B “consumers” means persons who—

a

have used, or may have contemplated using, any of the services within subsection (2); or

b

have relevant rights or interests in relation to any of the services within that subsection.

2

The services within this subsection are services provided by—

a

authorised persons in carrying on regulated activities;

b

authorised persons in carrying on a consumer credit business in connection with the accepting of deposits;

c

authorised persons in communicating, or approving the communication by others of, invitations or inducements to engage in investment activity;

d

authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services;

e

persons acting as appointed representatives; or

f

payment service providers in providing payment services.

3

A person (“P”) has a “relevant right or interest” in relation to any services within subsection (2) if P has a right or interest—

a

which is derived from, or is otherwise attributable to, the use of the services by others; or

b

which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P.

4

If a person is providing a service within subsection (2) as a trustee, the persons who have been, or may have been, beneficiaries of the trust are to be treated as persons who have used, or may have contemplated using, the service.

5

A person who deals with another person (“B”) in the course of B providing a service within subsection (2) is to be treated as using the service.

6

In this section—

  • “accepting”, in relation to deposits, includes agreeing to accept;

  • “consumer credit business” has the same meaning as in the Consumer Credit Act 1974 (see section 189(1));

  • “credit institution” has the meaning given by section 138(1B);

  • “engage in investment activity” has the meaning given by section 21;

  • “payment services” has the same meaning as in the Payment Services Regulations 2009;

  • “payment service provider” means a person who is a payment service provider for the purposes of those regulations as a result of falling within any of paragraphs (a) to (e) of the definition in regulation 2(1);

  • “relevant ancillary services” has the meaning given by section 138(1C).