There has been published on the legislation.gov.uk website the draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 together with a draft explanatory memorandum.
The draft Order makes amendments to legislation about the regulation of activities relating to lending, and in particular activities relating to peer-to-peer lending, mortgage lending and other credit granted to consumers. Some of the provisions:
- extend the scope of the regulated activities relating to the operation of peer-to-peer lending platforms and providing advice on lending through such platforms;
- supplement the implementation in the UK of the Mortgage Credit Directive. However the draft Order does not transpose any element of the Directive that was not already transposed by the Mortgage Credit Directive Order 2015, but rather supplements the provision made by that Order; and
- clarify the regulatory position of credit provided to consumers before 1 April 2014.
View Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016, 2 February 2016