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The Financial Services and Markets Act 2000 (Consumer Credit) (Designated Activities) Order 2014

Type Statutory-Instrument
Publication 2014-02-13
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles Not indexed
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Made: 13th February 2014

Coming into force: 1st April 2014

The Treasury, in exercise of the powers conferred by sections 23(1B) and 428(3) of the Financial Services and Markets Act 2000, makes the following Order:

Citation and commencement

1

This Order may be cited as the Financial Services and Markets Act 2000 (Consumer Credit) (Designated Activities) Order 2014 and comes into force on 1st April 2014.

2

The following kinds of regulated activities are designated for the purposes of section 23(1B) of the Financial Services and Markets Act 2000 (contravention of the general prohibition)[^f00003]—

except in so far as the activity relates to an agreement under which the obligation of the borrower is secured on land.

Signed

Sam Gyimah — David Evennett — Two of the Lords Commissioners of Her Majesty’s Treasury — 13th February 2014

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

The Order specifies debt-collecting and entering into, or exercising rights under, a regulated consumer credit agreement (in each case, as specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 S.I. 2001/544, as amended by S.I. 2013/1881) for the purposes of section 23(1B) of the Financial Services and Markets Act 2000, except where the activity relates to an agreement under which the obligation of the borrower is secured on land. The effect of that provision is that an authorised person (within the meaning of that Act) is guilty of an offence if that person caries on such a specified activity in the United Kingdom otherwise than in accordance with permission under the Act.

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.hm-treasury.gov.uk and is published alongside the Order on www.legislation.gov.uk.

Footnotes

[^f00001]: 2000 c.8. Section 23(1B) inserted by paragraph 3 of Schedule 9 to the Financial Services Act 2012 (c.21).

[^f00002]: Section 23A was inserted by Schedule 9 to the Financial Services Act 2012.

[^f00003]: Inserted by Schedule 9 to the Financial Services Act 2012.

[^f00004]: S.I. 2001/544. Article 39F inserted by S.I. 2013/1881.

[^f00005]: Inserted by S.I. 2013/1881.

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