The following Financial Services guidance note Produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For the latest developments in relation to consumer credit, see the Consumer credit—timeline.
The UK implemented the provisions of the Directive 2008/48/EC, Consumer Credit Directive (CCD) through amendments to the then existing consumer credit regime under the Consumer Credit Act 1974 (CCA 1974). Since 1 April 2014, the regulation of consumer credit activities in the UK has been the responsibility of the Financial Conduct Authority (FCA). Although certain provisions of the CCA 1974 and its related secondary legislation remain in force, the regulation of consumer credit is governed by the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act (Regulated Activities) Order 2001, SI 2001/544 (the RAO) as well as the retained provisions of the CCA 1974. As part of this transfer of consumer credit regulation to the FCA, the old consumer credit passporting regime (set out within the CCA 1974 and Schedules 13 and 16 of FSMA 2000) was repealed.
By way of general background, persons are prohibited from carrying out 'regulated activities' by way of
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.