Operating an electronic system in relation to consumer lending
Produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe
Operating an electronic system in relation to consumer lending

The following Financial Services practice note produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:

  • Operating an electronic system in relation to consumer lending
  • Regulated activities—general
  • Regulated activity of operating an electronic lending system
  • What are the main elements of operating an electronic system in relation to lending?
  • What rules are applicable to firms who are authorised to operate an electronic system in relation to lending?
  • P2P and the rules relating to crowd funding

Operating an electronic system in relation to consumer lending

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Regulated activities—general

For an activity to constitute a regulated activity under Financial Services and Markets Act 2000 (FSMA 2000), it must be carried out 'by way of business' (see Practice Note: What does 'by way of business' mean?). According to FCA guidance, whether or not an activity is carried on by way of business will depend on several factors, including the scale of the activity, the degree of continuity, the existence of a commercial element and the nature of the particular regulated activity.

For more detail on these requirements, refer to Chapter 2 of the FCA’s Perimeter Guidance Manual (PERG and Practice Note: Regulated activities relating to consumer credit).

Regulated activity of operating an electronic lending system

This Practice Note examines the regulated activity of operating an electronic system in relation to consumer lending, including the main elements of operating an electronic system in relation to lending, the

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