The following Financial Services Q&A provides comprehensive and up to date legal information covering:
No person may carry on regulated activities ‘by way of business’ in the UK unless he is an authorised person or an exempt person: Financial Services and Markets Act 2000 (FSMA 2000), s 22. The Regulated Activities Order 2001, SI 2001/544 (RAO 2001) sets out six regulated mortgage activities requiring authorisation or exemption if they are carried on in the UK:
arranging regulated mortgage contracts
making arrangements with a view to regulated mortgage contracts
advising on regulated mortgage contracts
entering into a regulated mortgage contract as lender
administering a regulated mortgage contract where that contract is entered into by way of business on or after 31 October 2004; and
agreeing to carry on any of the above
A regulated mortgage contract is defined in RAO, reg 61 as a contract that, at the time it is entered into, satisfies the following conditions:
the contract is one where a lender provides credit to an individual or trustees (the borrower)
the contract provides for the obligation of the borrower to repay to be secured by a mo
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