United Kingdom (and EU regulation)

Two statutory instruments relating to consumer credit published

The following statutory instruments have been published:

the Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No.3) Order 2014 together with an explanatory memorandum. This Order extends the 30 September 2014 deadline for local authorities to notify the FCA and pay the relevant fee to obtain interim permission; and
the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2014 together with an explanatory memorandum. This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to remove certain credit broking activities from the scope of regulation. For example it now excludes government-sponsored housing schemes from being considered to be a regulated activity. This means that developers and others who broker such lending schemes do not need to be authorised by the FCA.

Both statutory instruments were made on 4 June 2014 and come into force on 27 June 2014.