Related provisions for CONC 7.19.1
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4Examples of information a firm advising on P2P agreements or P2P portfolios9 should provide to explain the specific nature and risks of a P2P agreement or a P2P portfolio9 include:(1) expected and actual default rates in line with the requirements in COBS 4.6 on past and future performance;(2) a summary of the assumptions used in determining expected future default rates;(3) a description of how loan risk is assessed, including a description of the criteria that must be met by
When complying with the information requirements set out in this chapter and other parts of the FCA Handbook, firms advising on a P2P agreement or a P2P portfolio may also wish to consider providing to retail clients any other information that an operator of an electronic system in relation to lending must disclose in accordance with COBS 18.12.96
4Operators of electronic systems in relation to lending and firms which advise on P2P agreements should also have regard to the guidance in COBS 14.3.7AG and COBS 14.3.7BG regarding the types of information they should provide to clients to explain the specific nature and risks of P2P agreements.
A contravention of a rule in SYSC 11 to 2SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or SYSC 23 to9SYSC 288 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 34437
(1) The Appointed Representatives Regulations are made by the Treasury under sections 39(1)18, (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
To be an eligible complainant a person must also have a complaint which arises from matters relevant to one or more of the following relationships with the respondent:121(1) the complainant is (or was) a customer,623payment service user3 or electronic money holder623 of the respondent;(2) the complainant is (or was) a potential customer,623payment service user3 or electronic money holder623 of the respondent;(2A) the complainant is (or was) a payer in a payment transaction in
There is power in the Act for the Treasury to change the meaning of the business element by including or excluding certain things. They have exercised this power (see the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (SI 2001/1177), as amended from time to time)12. The result is that the business element differs depending on the activity in question. This in part reflects certain differences in the nature of the activities:35553(1)
This section applies:(1) to a financial promotion in relation to consumer credit lending, credit broking, debt counselling, debt adjusting, operating an electronic system in relation to lending1in relation to prospective borrowers or borrowers1under P2P agreements;1(2) in relation to the communication of a financial promotion that is not in writing.
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.
(1) 9An activity of a kind specified below is excluded from the regulated activity of operating an electronic system in relation to lending:18(a) dealing in investments as principal;(b) arranging (bringing about) deals in investments;(c) making arrangements with a view to transactions in investments;(d) managing investments; and18(e) advising on investments (except P2P agreements)18.(1A) The regulated activity of advising on P2P agreements does not apply where such advice is given