Textual Amendments
F1Pt. II Ch. 14A, 14B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 6
60LA.—(1) For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by—
(a)article 60B (regulated credit agreements), or
(b)article 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60B,
a person who is treated by A as a person who is or has been the borrower under a regulated credit agreement is to be treated as a “consumer”.
(2) For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by—
(a)article 60B (regulated credit agreements), or
(b)article 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60B,
a person who is treated by A as a person who is or has been the borrower under a regulated credit agreement is to be treated as a “client”.
(3) In this article, “borrower” includes (in addition to those persons included in the definition in article 60L)—
(a)any person providing a guarantee or indemnity under a regulated credit agreement, and
(b)a person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.]]
Textual Amendments
F2Art. 60LA inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(33)