Related provisions for CONC 4.7.1

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CONC 4.5.1RRP
(1) CONC 4.5.2 G applies to a firm with respect to consumer credit lending.(2) CONC 4.5.3 R and CONC 4.5.4 R apply to a firm with respect to credit broking in relation to:(a) regulated credit agreements; and(b) regulated consumer hire agreements.(3) CONC 4.5.3 R and CONC 4.5.4 R also apply to a firm carrying on the activities specified in article 36A(1)(a) or(c) of the Regulated Activities Order in relation to:(a) credit agreements that would be regulated credit agreements but
CONC 4.5.3RRP
A credit broker must disclose to a customer in good time before a credit agreement or a consumer hire agreement is entered into, the existence of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party in relation to a credit agreement or a consumer hire agreement, where knowledge of the existence or amount of the commission could actually or potentially:(1) affect the impartiality of the credit broker in recommending a
CONC 4.5.4RRP
At the request of the customer, a credit broker must disclose to the customer, in good time before a regulated credit agreement or a regulated consumer hire agreement is entered into, the amount (or if the precise amount is not known, the likely amount) of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party.[Note: paragraph 3.7i (box) of CBG]
CONC 2.4.1RRP
This section applies:(1) to a firm with respect to consumer credit lending; or(2) to a firm with respect to consumer hiring.
CONC 2.4.2RRP
(1) Not later than the lender ("L") informs a credit broker that L is not willing to make a regulated credit agreement, L must, unless L informs the customer directly that L is not willing to make the agreement, inform the credit broker of the name and address (including an appropriate e-mail address) of any credit reference agency from which L has, during the negotiations relating to the proposed agreement, applied for information about the financial standing of the customer.
CONC 4.6.1RRP
(1) This section applies to:(a) a firm with respect to consumer credit lending; or(b) a firm with respect to consumer hiring; or(c) a firm with respect to operating an electronic system in relation to lending in relation to a prospective borrower under a P2P agreement.
CONC 4.6.2RRP
(1) Before entering into a regulated credit agreement or regulated consumer hire agreement, or before a P2P agreement is entered into, under which the customer may grant a continuous payment authority, the firm must provide the customer with an adequate explanation of the matters in (2).(2) The matters referred to in (1) are:(a) what a continuous payment authority is and how it works;(b) how the continuous payment authority will be applied by the firm, including where the firm
CONC 2.3.1RRP
This section applies to a firm with respect to consumer credit lending.
CONC 2.3.5RRP
(1) A firm may provide credit card cheques only to a customer who has asked for them.[Note: section 51A(2) of CCA](2) A firm may provide credit card cheques only on a single occasion in respect of each request that is made.[Note: section 51A(3) of CCA](3) The number of credit card cheques provided in respect of a request must not exceed three (or, if less, the number requested).[Note: section 51A(4) of CCA](4) Where a single request is made for the provision of credit card cheques
GEN 4.3.7RRP
8GEN 4.3.1 R (Disclosure in letters to retail clients) does not apply to a credit firm (other than a firm with a limited permission) with respect to the activity of entering into a regulated credit agreement as lender to which the Consumer Credit Directive applies, to the extent it would be contrary to the United Kingdom's obligations under an EU instrument.
GEN 4.3.8GRP
8A credit firm which carries on the activity of entering into a regulated credit agreement as lender , in respect of an agreement 9to which articles 5 and 6 of the Consumer Credit Directive apply is under an obligation to disclose pre-contract information in the form and to the extent required by the Consumer Credit (Disclosure of Information) Regulations 2010 (SI 2010/1013)9. Firms which carry on credit broking may take on the same obligation. A credit firm must also ensure specified
PERG 2.9.23GRP
12This group of exclusions applies, in specified circumstances, to the regulated activities of:(1) accepting deposits; (2) dealing in investments as agent;(3) arranging (bringing about) deals in investments;(4) making arrangements with a view to transactions in investments;(5) arranging (bringing about) regulated mortgage contracts;(6) making arrangements with a view to regulated mortgage contracts;(7) arranging (bringing about) a home reversion plan;(8) making arrangements with
PERG 2.9.24GRP
(1) 12Subject to (2) and (3), the exclusions apply, in relation to any activity carried on by a local authority.(2) The exclusion relating to the regulated activities of:(a) dealing in investments as agents;(b) arranging (bringing about) deals in investments;(c) making arrangements with a view to transactions in investments;(d) assisting in the administration and performance of a contract of insurance; and(e) advising on investments;applies to any activity carried on by a local
PERG 2.7.19AGRP
(1) 15Entering into a regulated credit agreement as lender is a regulated activity. (2) It is also a regulated activity for the lender or another person to exercise, or to have the right to exercise, the lender's rights and duties under a regulated credit agreement.
PERG 2.7.19CGRP
15A credit agreement is an exempt agreement17 in the following cases:(1) if it is a regulated mortgage contract or a home purchase plan;(2) if: (a) the lender provides the borrower with credit exceeding £25,000; and(b) the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower;(3) if: (a) the lender provides the borrower with credit of £25,000 or less; and(b) the agreement is entered
PERG 2.7.20GRP
Entering into as lender, and administering, a regulated mortgage contract are regulated activities under article 61 of the Regulated Activities Order (Regulated mortgage contracts). Guidance on these regulated activities is in PERG 4.7 (Entering into a regulated mortgage contract) and PERG 4.8 (Administering a regulated mortgage contract).
CONC 4.8.1RRP
This section applies to a firm carrying on consumer credit lending.
SUP 12.2.2AGRP
(1) 15Under sections 20(1) and (1A) of the Act (Authorised persons acting without permission), if an authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with his permission, he is to be taken to have contravened a requirement imposed by the FCA (in the case of a FCA-authorised person) or the FCA and the PRA (in the case of a PRA-authorised person).(2) In addition, under section 23(1A) of the Act (Contravention
SUP 12.2.7GRP
(1) The Appointed Representatives Regulations are made by the Treasury under section 39(1)), (1C) and (1E)15 of the Act. These regulations describe, among other things, the business for which an appointed representative may be exempt or to which sections 20(1) and (1A) and 23(1A) of the Act may not apply15, which is business which comprises any of:(a) dealing in investments as agent (article 21 of the Regulated Activities Order) where the transaction relates to a pure protection
PERG 7.4.2GRP
But the exclusion applies only if the principal purpose of the publication or service is not:(1) to advise on securities or relevant investments or home finance transactions1: or1(2) to lead or enable persons:(a) to buy, sell, subscribe for or underwrite securities or relevant investments; or1(b) to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them 1as borrower on or after 31 October 2004; or111(c) 1to
PERG 7.4.5GRP
The exclusion applies only if the principal purpose of the publication or service is not:(1) to give advice on securities, relevant investments or home finance transactions1(see PERG 7.3.1 G); or1(2) to lead or enable persons to:(a) buy, sell, subscribe for or underwrite securities or relevant investments; or(b) to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them 1 as borrower on or after 31 October 2004;
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
PERG 2.8.14ZBGRP
9Activities carried on by an EEA authorised payment institution or an EEA authorised electronic money institution exercising passport rights in the United Kingdom in accordance with article 16(3) of the Payment Services Directive (in the latter case, as applied by article 6 of the Electronic Money Directive) are excluded from the regulated activities of entering into a regulated credit agreement as lender and exercising, or having the right to exercise, the lender's rights and
PERG 2.8.14ZCGRP
(1) 9The exclusion for electronic commerce activities by an incoming ECA provider (see PERG 2.9.18 G) applies to entering into a regulated credit agreement as lender and exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement.(2) There is also an exclusion from entering into a regulated credit agreement as lender and exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement
PERG 8.17.21GRP

4Guide to potential application of MCOB 3 and CONC 3 to financial promotion of credit. This table belongs to PERG 8.17.20 G.

Subject of promotion

MCOB 3 may apply

CONC 3 may apply

(1)

regulated mortgage contracts

Yes

No

(2)

credit agreements secured on land where the lender also enters into regulated mortgage contracts as lender

Yes

No

(3)

credit agreements not secured on land, whether or not the lender also enters into regulated mortgage contracts as lender

No

Yes

(4)

credit agreements secured on land where the lender does not enter into regulated mortgage contracts as lender

No

Yes

(5)

credit agreements partly secured on land that include some unsecured credit and where the lender enters into regulated mortgage contracts as lender

Yes

No

(6)

credit agreements with features as in (1), (2) or (5) promoted in combination with other unsecured credit agreements

Yes

Yes
PERG 2.2.1GRP
Under section 23 of the Act (Contravention of the general prohibition or section 20 (1) or (1A)5), a person commits a criminal offence if he carries on activities in breach of the general prohibition in section 19 of the Act (The general prohibition) . An authorised person also commits a criminal offence if he carries on a credit-related regulated activity in the UK, or purports to do so, otherwise than in accordance with his permission (unless the person is an appointed representative
CONC 1.2.4GRP
The credit-related regulated activities comprise consumer credit lending, credit broking, debt counselling, debt adjusting, debt administration, debt collecting, providing credit information services, providing credit references, operating an electronic system in relation to lending (but, other than in FEES and SUP, only insofar as it relates to a borrower or prospective borrower under a P2P agreement)1 and consumer hiring.
COND 1.1A.5AGRP
(1) 2The FCAthreshold conditions apply to a person that carries on, or seeks to carry on, only relevant credit activities (within paragraph 2G of Schedule 6 to the Act) and which therefore has, or is applying for, limited permission with a number of modifications (see article 10(19) of the Regulated Activities Amendment Order). Regulated activities a person carries on in relation to which sections 20(1) and (1A) and 23(1A) of the Act do not apply as a result of section 39(1D)
TC App 1.1.1RRP

1Activity

Products/Sectors

Is there an appropriate qualification4requirement?

4

Designated investment business carried on for a retail client

Providing basic advice

1.

Stakeholder products excluding a deposit-based stakeholder product

No

Advising

2.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

3.

Derivatives

Yes2

4.

Packaged products6Retail investment products6 which are not broker funds

Yes2

5.

Friendly Societylife policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales

No2

6.

Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5

Yes2

7.

Long-term care insurance contracts

Yes2

8.

Investments in the course of corporate finance business

Yes2

9.

Advising on syndicate participation at Lloyd's

Yes2

Undertaking the activity in column 2

10.

Broker fund adviser

Yes

11.

Pension transfer specialist

Yes2

Advising and dealing

12.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

13.

Derivatives

Yes2

4Dealing

13A.8

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

No

413B.8

Derivatives

No

8MiFID business bidding

13C.

Emissions auction products that are financial instruments

No

Managing

14.

Investments

Yes

Overseeing on a day-to-day basis

15.

Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme

Yes

16.

Safeguarding and administering investments or holding client money

Yes2

17.

Administrative functions in relation to managing investments

Yes2

18.

Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies

Yes2

19.

Administrative functions in relation to the operation of stakeholder pension schemes

Yes2

Mortgage Activity10 and reversion activity carried on for a customer

10

910Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another.

See Note 3, which for the avoidance of doubt forms part of this rule.

20

Regulated mortgage contracts for a non-business purpose

Yes

20A

Regulated mortgage contracts for a business purpose

No

21

Equity release transactions

Yes

9Designing scripted questions for execution-only sales

21A

Regulated mortgage contracts for a non-business purpose

Yes

21B

Regulated mortgage contracts for a business purpose

No

22

Equity release transactions

Yes

Overseeing execution-only sales on a day-to-day basis9

9

23.

Equity release transactions

Yes

Non-investment insurance business carried on for a consumer

Advising

24.

Non-investment insurance contracts

No

3Regulated sale and rent back activity carried on for a customer

Advising

25.

Regulated sale and rent back agreements

No

Overseeing an execution-only sale10 on a day-to-day basis

10

26.

Regulated sale and rent back agreements

No

Notes:

1.

In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.

2.

Thus, for example, paragraph 24consistent with the heading above it3, refers only to advice on non-investment insurance contracts given to a consumer.10

3

103.

For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column:

(a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and

(b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3).