Q&As

I have a client who wishes to lend money to someone and take security of that person’s property. Could you point me to the consumer credit and regulated mortgage requirements that may affect the loan?

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Published on LexisPSL on 19/03/2018

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

  • I have a client who wishes to lend money to someone and take security of that person’s property. Could you point me to the consumer credit and regulated mortgage requirements that may affect the loan?

Under section 19 of the Financial Services and Markets Act 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 2001), SI 2001/544) which is carried on by way of business. For more information about what it means to carry on a regulated activity by way of business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition.

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