Q&As

Would a loan (which is not secured on land) made by trustees of a trust to a third party for investment purposes be caught by the provisions of the Consumer Credit Act 1974 and/or FSMA 2000? In particular, would the loan be excluded from Part V of the CCA 1974 as a 'non-commercial agreement' or would the trustees be acting 'in the course of a business', eg on the basis that the loan was made for investment purposes?

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Published on LexisPSL on 01/10/2015

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

  • Would a loan (which is not secured on land) made by trustees of a trust to a third party for investment purposes be caught by the provisions of the Consumer Credit Act 1974 and/or FSMA 2000? In particular, would the loan be excluded from Part V of the CCA 1974 as a 'non-commercial agreement' or would the trustees be acting 'in the course of a business', eg on the basis that the loan was made for investment purposes?

Would a loan (which is not secured on land) made by trustees of a trust to a third party for investment purposes be caught by the provisions of the Consumer Credit Act 1974 and/or FSMA 2000? In particular, would the loan be excluded from Part V of the CCA 1974 as a 'non-commercial agreement' or would the trustees be acting 'in the course of a business', eg on the basis that the loan was made for investment purposes?

The sections of the Consumer Credit Act 1974 (CCA 74) that previously set out the regulated activities that require a consumer credit license are now contained in the Financial Services and

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