See Practice Note: What is credit and when is a credit agreement regulated? In particular, we refer you to the sections 'Meaning of credit under the CCA 1974 and RAO', 'Regulated consumer credit agreements defined' and 'Exempt consumer credit agreements'. As can be seen from the section headed 'Meaning of credit under the CCA 1974 and RAO', for a consumer credit activity to be regulated, it has to relate to 'credit', section 9(1) of the Consumer Credit Act 1974 (CCA 1974), and Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544, art 60L define