The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2019

Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

2.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows.

(2) After article 36F (activities carried on by members of the legal profession etc)(2) insert—

“Activities carried on by registered social landlords

36FA.— (1) There are excluded from article 36A (credit broking) activities carried on by a registered social landlord, for which the registered social landlord does not receive a fee.

(2) The exclusion in paragraph (1) only applies to activities relating to the introduction of an individual who wishes to enter into a credit agreement, to—

(a) a credit union;

(b) a community benefit society;

(c) a community interest company limited by guarantee;

(d) a registered charity, or a subsidiary of a registered charity;

(e) a subsidiary of a registered social landlord.

(3) For the purposes of this article, “fee” includes pecuniary consideration or any other form of financial consideration.

(4) In this article—

“community benefit society” means a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014(3) or a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969(4);

“community interest company limited by guarantee” means a community interest company limited by guarantee within the meaning of section 26 of the Companies (Audit, Investigations and Community Enterprise) Act 2004(5);

“credit union” means a credit union within the meaning of—

(a)

the Credit Unions Act 1979(6);

(b)

the Credit Unions (Northern Ireland) Order 1985(7);

“registered charity” means

(a)

in England and Wales, a charity registered under section 30(1) of the Charities Act 2011(8);

(b)

in Scotland, a charity registered within the meaning of section 13(1) of the Charities and Trustee Investment (Scotland) Act 2005(9)

(c)

in Northern Ireland, a charity registered under section 16(2) of the Charities Act (Northern Ireland) 2008(10);

“registered social landlord” means—

(a)

in England, a private registered provider within the meaning of section 80(3) of the Housing and Regeneration Act 2008(11);

(b)

in Wales, a registered social landlord within the meaning of Part 1 of the Housing Act 1996(12);

(c)

in Scotland, a registered social landlord within the meaning of the Housing (Scotland) Act 2010(13);

(d)

in Northern Ireland, a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992(14);

“subsidiary” means a subsidiary as defined by section 1159 of the Companies Act 2006(15).”

(1)

S.I. 2001/544, amended by S.I. 2013/1881.

(2)

2015/853.

(3)

2014 c. 14.

(4)

1969 c. 24; section 1 was amended by the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), section 8.

(5)

2004 c. 27.

(6)

1979 c. 34.

(7)

S.I. 1985/1205 (N.I. 12).

(8)

2011 c. 25.

(9)

2005 asp 10 (Scottish Act)

(10)

2008 c. 12 (N.I.)

(11)

2008 c. 17, section 80(3) was inserted by 2010/844.

(12)

1996 c. 52.

(13)

2010 asp 17.

(14)

S.I. 1992/1725 (N.I. 15).

(15)

2006 c. 46.