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The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) Order 2013

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EXPLANATORY NOTE

(This note is not part of the Order)

This Order is made under section 426 of the Financial Services and Markets Act 2000 (c.8) (the “2000 Act”).

Under the Enterprise and Regulatory Reform Act 2013 (c.24), the Office of Fair Trading (“OFT”) will cease to exist on 1st April 2014. The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013, S.I 2013/1881, and the Financial Services Act 2012 (Consumer Credit) Order 2013, S.I. 2013/1882, transfer the regulatory framework for consumer credit in large part from the Consumer Credit Act 1974 (c.39) (the “CCA”) to the 2000 Act, and confer functions in relation to consumer credit on the Financial Conduct Authority (“FCA”) in place of the OFT from 1st April 2014.

Article 2 of this Order confers powers on the FCA to make payments to persons who have paid the OFT for a licence issued under the CCA, except for certain lenders who received a compliance visit from OFT. Article 3 makes supplementary provision in connection with such payments.

Section 137C of the 2000 Act confers power on the FCA to make rules in relation to the cost of credit. Article 4 provides that the FCA may use its powers under section 165 of the 2000 Act, before 1st April 2014, to obtain information from persons who undertake certain consumer credit-related activities for the purposes of the FCA making such rules.

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk and is published alongside the Order on www.legislation.gov.uk.

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