Q&As

If two individuals enter into a regulated mortgage contract but do not do so by way of business, the lender is not carrying on a regulated mortgage activity and therefore the provisions of FSMA 2000 do not govern the mortgage. What is the position?

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Published on LexisPSL on 19/02/2016

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

  • If two individuals enter into a regulated mortgage contract but do not do so by way of business, the lender is not carrying on a regulated mortgage activity and therefore the provisions of FSMA 2000 do not govern the mortgage. What is the position?
  • The regulation of consumer credit
  • Regulated Activities and Consumer Credit Agreements

The regulation of consumer credit

Regulation of consumer credit now sits with the Financial Conduct Authority (FCA). In consequence parts of the Consumer Credit Act 1974 (CCA 1974) were repealed from 1 April 2014 with regulated activities coming under the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 20

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