The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002

Application of definition of “consumer” to customers of credit unions before commencement

4.—(1) In section 138 of the Act (Authority’s general rule-making power)(1), “consumers” includes (in addition to persons defined as “consumers” in subsection (7)) persons—

(a) who before commencement used the services provided by a credit union in the course of accepting deposits;

(b) who have rights or interests which are derived from, or are otherwise attributable to, the use of 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) The definition of “consumers” in paragraph (1) is referred to in this article as “the extended definition”.

(3) For the purposes of the extended definition, subsection (8) and (9) of section 138 of the Act apply as if—

(a) references to an authorised person were references to a credit union; and

(b) references to carrying on a regulated activity were references to accepting deposits.

(4) The extended definition applies for the purposes of subsection (3) of section 5 (the protection of consumers), subsection (7) of section 10 (the Consumer Panel), subsection (5) of section 14 (cases in which the Treasury may arrange independent inquiries), subsection (6) of section 186 (objection to acquisition of control) and subsection (11) of section 391 (publication of notices) of the Act.

(5) But the extended definition does not apply for the purposes of paragraph 1 of Schedule 4 to the Act (Treaty rights).

(1)

Modified by S.I.2001/1821.