Regulated mortgage contract definition

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Regulated activities order—checklist of exclusions

Regulated activities order—checklist of exclusions Regulated activities and exclusions Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated activity in the UK or claiming to do so unless he is an authorised person or an exempt person under FSMA 2000 (the General Prohibition). Helpfully most of the regulated activities in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) are subject to exclusions. If you carry on a particular activity in a way that falls within an exclusion you will not breach the General Prohibition. For more information about the General Prohibition see Practice Notes The general prohibition and implications of its breach and Carrying on unauthorised business and breaching the general prohibition. The exclusions fall into two categories: • exclusions that apply to a particular regulated activity; and • exclusions that apply in certain circumstances to several regulated activities. Often the circumstances where one of these exclusions will apply varies depending on the...

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Arranging deals in home finance transactions

Background to the regulation of home finance transactionsThe regulation of home finance transactions came about at different points in time. On 31 October 2004 (a date known as M Day), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. The Regulation of Financial Services (Land Transactions) Act 2005 enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services authority, to regulate activities similar to those that were already regulated in relation to RMCs but which instead involve the provider acquiring land rather than simply providing finance for its purchase by the homeowner. An amendment order in 2006 (SI 2006/2383, which came into effect on 6 April 2007) brought within the remit of regulation home reversion plans (HRPs) as well as home purchase plans (HPPs). HRPs are schemes where a provider buys an interest in a homeowner's property and allows the homeowner to continue to reside in the property. HPPs include certain types of Islamic financing arrangements, such as Ijara or diminishing Musharaka. A further amendment order in...

Regulated mortgage contracts and home finance transactions defined

Background to the regulation of home finance transactionsThe regulation of home finance transactions came about at different points in time. HM Treasury announced its intention to regulate mortgage lenders in 2000 and revised its proposals in December 2001 to include mortgage intermediaries. On 31 October 2004 (a date known as M Day), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. There followed the enactment of the Regulation of Financial Services (Land Transactions) Act 2005, which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services authority, to regulate activities that are similar to those that were already regulated in relation to RMCs but that instead involve the provider acquiring land rather than simply providing finance for its purchase by the homeowner. As a result, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) SI 2001/544 has been amended on two occasions. An amendment order in 2006 (SI 2006/2383, which came into effect on 6 April 2007) brought within the remit of regulation home...

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Where an individual enters into a loan agreement secured by a charge over their property, is it appropriate for the individual to sign a Statement of High Net Worth?

Where an individual enters into a loan agreement secured by a charge over their property, is it appropriate for the individual to sign a Statement of High Net Worth? Under section 19 of the Financial Services and Markets Act 2000 a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority (FCA)), or an exempt person (eg by being an appointed representative). For an overview of the regulated activities regime in the UK, see Practice Note: What are regulated activities? Activities are regulated if they are of a ‘specified kind’ (ie specified by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO 2001), SI 2001/544) which is carried on by way of business. For more information about what it means to carry on a regulated activity by way of business in the UK, see Practice Notes: What does 'by way of...

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to an employee also exempt, ie the loan would not be a regulated mortgage contract under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and FCA's Perimeter Guidance manual?

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to an employee also exempt, ie the loan would not be a regulated mortgage contract under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and FCA's Perimeter Guidance manual? Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA)), or an exempt person (eg by being an appointed representative). An activity is a regulated activity if it is: • an activity of a specified kind which is carried on by way of business, and • relates to a specified investment or property of any kind For an overview of the regulated activities regime in the UK, see Practice...

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Property Disputes weekly highlights—17 April 2025

This week's edition of Property Disputes weekly highlights includes: High Court decisions concerning a loan agreement found to constitute an enforceable, unregulated investment property loan, a claim for unjustified enrichment relating to work carried out on a residential property and analysis of the grant of an order for possession and sale due to the vesting of property in trustees, an appellant who was barred from pursuing a new claim for the first time on appeal, and an Upper Tribunal (Lands Chamber) decision concerning the First-tier Tribunal’s appearance of bias in raising and determining an unpleaded issue in contractual liability for service charges dispute. It also includes a Court of Appeal decision that disclosure by the court of an assessor’s evaluation of evidence is not required unless fairness demands it, a Country Court decision concerning the vesting of a new lease of a whole building that must be made on terms equivalent to the forfeited head lease, analysis of the treatment of principal secured debt under a mental health crisis moratorium,...

Restructuring & Insolvency weekly highlights—17 April 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: the Court of Appeal’s judgment in respect of the Thames Water restructuring plan, an analysis of the Supreme Court’s rejection of an attempt to modify the fiduciary profit rule (Rukhadze v Recovery Partners GP Ltd), a discussion on directors’ duty to account (Official Receiver v Haq), examination of the High Court’s decision to dismiss an appeal to overturn judgment finding that a guarantor is personally liable for debts (Jones v City Electrical Factors Ltd), plus a round-up of other news and cases for restructuring and insolvency professionals.

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Financial Services and Markets Act 2000 (2000 c 8)

Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Part I . . .1 . . .. . .2 . . .. . .3 . . .[3A . . .]4 . . .5 . . .6 . . .[. . .][6A . . .]. . .7 . . .. . .8 . . .9 . . .10 . . .11 . . .. . .12 . . .13 . . .. . .14 . . .15 . . .16 . . .17 . . .18 . . .[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A The Financial Conduct Authority][The FCA's general duties][1B The FCA's general duties][1C The consumer protection objective][1D The integrity objective][1E The competition objective][Interpretation of terms used in relation to FCA's general duties][1F Meaning of “relevant markets” in strategic objective][1G Meaning of “consumer”][1H Further interpretative provisions for sections 1B to 1G][1I Meaning of “the UK financial system”][Modifications applying if core activity not regulated by PRA][1IA Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J Power to amend objectives][Recommendations][1JA Recommendations by Treasury in...