The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 No. 208

The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 U.K.

4.  After article 72E (staff mortgage offers communicated to employees by third parties) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(1), insert—

“Credit agreements offered to employees by employers

72F.— (1) The financial promotion restriction does not apply to any communication which is made to an employee by or on behalf of a person in relation to an exempt staff loan.

(2) In this article, “an exempt staff loan” means a credit agreement within the meaning of article 60B (regulated credit agreements) of the Regulated Activities Order which is—

(a) entered into by the employee as borrower and the employer, or an undertaking in the same group as the employer, as lender; and

(b) an exempt agreement for the purposes of Chapter 14A (regulated credit agreements) of the Regulated Activities Order by virtue of a provision of article 60G (exempt agreements: exemptions relating to the total charge for credit) of that Order other than paragraph (2) of that article.”.

Commencement Information

I1 Art. 4 in force at 26.2.2014 for specified purposes, see art. 1(3)

I2 Art. 4 in force at 1.4.2014 in so far as not already in force, see art. 1(4)

(1)

S.I. 2005/1529; article 72E inserted by S.I. 2010/905.