Q&As

An individual is proposing to loan £500,000 to a residential developer secured by a legal charge over one of the plots. A company solely owned by the individual is also proposing to make a loan of the same amount secured by a charge over a plot in similar fashion. Is either charge affected or restricted in any way by legislation relating consumer credit or regulated mortgage contracts?

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Published by a LexisNexis Financial Services expert
Published on: 25 October 2017
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Under the general prohibition contained in section 19 of the Financial Services and Markets Act 2000, a person cannot carry out a regulated activity, or purport to carry out a regulated activity, in the UK unless they are either:

  1. •

    an authorised person, or

  2. •

    an exempt person

An activity is a regulated activity if it is:

  1. •

    an activity of a specified kind which is carried on by way of business, and

  2. •

    relates to a specified investment or property of any kind

For more information about carrying on regulated activities in the UK by way of business, see Practice Notes:

  1. •

    What are regulated activities?

  2. •

    What does 'by way of business' mean?

  3. •

    Territorial

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Loan definition
What does Loan mean?

An advance of funds from one party (the creditor) to another party (the debtor) for a period of time. The funds can be advanced for an agreed period or be repayable upon demand. Interest is usually paid on the advance which can be secured or unsecured

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