The following Financial Services practice note Produced in partnership with Rebecca Kellner of Orrick, Herrington & Sutcliffe and Jacqui Hatfield of Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:
This Practice Note seeks to explain the types of agreements which will be exempt agreements under the FCA consumer credit regimes. Entering into these exempt agreements will exempt a lender from carrying out the activity of entering into a regulated credit agreement as lender. Some other regulated activities relating to consumer credit agreements may also be exempt if relating to these types of agreements. However, these are dealt with separately in Practice Notes:
Regulated activities—credit broker
Regulated activities relating to the provision of credit information services and credit references
Regulated activities for debt management firms and not-for-profit bodies, and
Exclusions applying to several specified kinds of activity
This Practice Note does not deal with green deal plans or regulated mortgage contracts, which are subject to a separate regime under the FSMA 2000 and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). Further information can be found in: Mortgage and home finance regulation—overview.
For further discussion on the topics raised in this Practice Note together with in-depth commentary on the exemptions available under the RAO), see Goode: Consumer Credit Law and Practice > Division I Commentary > Part IC Consumer Credit Legislation > 26 Exempt Agreements.
Since 1 April 2014, the Financial Conduct Authority (FCA) has been responsible for the regulation of consumer credit.
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