Q&As

Are loans involving family members, friends or trusts caught by the consumer credit regime?

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Published on LexisPSL on 31/10/2018

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Are loans involving family members, friends or trusts caught by the consumer credit regime?
  • The regulation of consumer credit
  • Regulated activities and consumer credit agreements
  • Exempt agreements under RAO

Are loans involving family members, friends or trusts caught by the consumer credit regime?

The regulation of consumer credit

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 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), SI 2001/544) which is carried on by way of business. For more information about what it means to carry on a

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