The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure the effective continuation of legislation in the UK after Exit Day (in the event of a no-deal Brexit), it is necessary for numerous statutory instruments to be made. One of these is the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, SI 2019/632. Part 3 of the Regulations contains amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). Also, Part 3 of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, SI 2019/710 and Part 3 of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1361 proposes minor amendments to the RAO. The parts of both Regulations relating to the RAO will come into force on Exit Day.
For more information about SI 2019/1361, see Practice Note Impact of Brexit: Solvency II—quick guide.
The Financial Services and Markets Act 2000 (FSMA 2000) regulates consumer credit agreements, including consumer hire agreements. FSMA 2000, s 19(1) provides that a person (as defined by the Financial Conduct Authority (FCA) Glossary) cannot carry on a regulated activity in the UK unless they are an authorised person or exempt.
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