Part XXIX Interpretation

F1425AConsumers: regulated activities etc carried on by authorised persons

(1)

This section has effect for the purposes of the provisions of this Act which apply this section.

(2)

“Consumers” means persons F2who—

(a)

F3who use, have used or may use any of the services within subsection (3); F4...

(b)

F3who have relevant rights or interests in relation to any of those services F5; F6or

(c)

whose rights, interests or obligations are affected by the level of a regulated benchmark F7; or

(d)

in respect of whom a person carries on an activity which is specified in article 89G of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (seeking out etc claims) whether that activity, as carried on by that person, is a regulated activity or is, by reason of an exclusion provided for under the 2001 Order or the 2000 Act, not a regulated activity.

(3)

The services within this subsection are services provided by—

(a)

authorised persons in carrying on regulated activities;

(b)

authorised persons who are investment firms, or F8qualifying credit institutions, in providing relevant ancillary services; or

(c)

persons acting as appointed representatives.

(4)

A person (“P”) has a “relevant right or interest” in relation to any services within subsection (3) 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.

(5)

If a person is providing a service within subsection (3) 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.

(6)

A person who deals with another person (“A”) in the course of A providing a service within subsection (3) is to be treated as using the service.

(7)

In this section—

F9...

F10“regulated benchmark” means a benchmark, as defined in section 22 F11... F12(6A), in relation to which any provision made under section 22(1A) F13... F14(c) has effect.

“relevant ancillary service” means any service of a kind mentioned in F15Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) the provision of which does not involve the carrying on of a regulated activity.