The following consumer credit related statutory instruments have been published:

  • the Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (the Miscellaneous Provisions Order); and
  • the Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2014 (the AR Order).

The Miscellaneous Provisions Order makes provision in relation to the regulation of consumer credit under the Financial Services and Markets Act 2000:

  • articles 2, 4, 5, 6 and 7 make various supplemental, consequential and transitional provisions in consequence of the provisions made by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 and the Financial Services Act 2012 (Consumer Credit) Order 2013;
  • article 3 amends the Financial Services (Distance Marketing) Regulations 2004 to take into account that the Office of Fair Trading (OFT) is being abolished and its functions are being transferred to the Competition and Markets Authority and the FCA; and
  • article 8 permits the FCA to claim legal professional privilege where relevant in respect of information transferred to it by the OFT in connection with the transfer of the regulation of consumer credit.

The AR Order amends the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (the Appointed Representatives Regulations). The effect of the amendment made by regulation 2(2) is to permit a person with permission to carry on the regulated activity of operating an electronic system in relation to lending to appoint a representative without the representative requiring authorisation under the Financial Services and Markets Act 2000 (the Act) to undertake that activity. Regulation 2(4) amends the Appointed Representatives Regulations so as to prescribe descriptions of business and kinds of regulated activities which are related to consumer credit for the purposes of section 39(1C) to (1E) of the Act. The effect of the amendments in regulation 2(4) is that an authorised person who has permission under the Act only in relation to certain consumer credit-related regulated activities may act as an appointed representative in respect of any of the activities which appointed representatives may undertake without permission.

View The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014, 5 February 2014

View Explanatory memorandum to the Financial Services and Markets Act 2000 (Consumer Credit) Miscellaneous Provisions Order 2014, 5 February 2014

View The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2014, 5 February 2014

View Explanatory memorandum to the Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2014, 5 February 2014

View Impact assessment: Reform of the consumer credit regulatory framework, 6 June 2013

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