Treasury makes consumer credit SIs: Treasury has made two statutory instruments (SIs) making changes consequent on the transfer of consumer credit regulation to FCA under the Financial Services and Markets Act 2000 (FSMA):

  • the FSMA (Consumer Credit) (Miscellaneous Provisions) Order 2014 comes into force partly on 26 February (largely for the purpose of making rules and guidance) and otherwise on 1 April. Among other things, it:
    • allows applications to make enforceable agreements that would not otherwise have been enforceable because of a breach of the authorisation requirement;
    • aligns certain exclusions in the Regulated Activities Order to apply them also to consumer credit; and
    • makes consequential amendments to reflect FCA's new position and powers.
  • the FSMA (Appointed Representatives) (Amendment) Regulations 2014 come into force on 1 April and allow:
    • a person with permission to carry on the regulated activity of operating an electronic system in relation to lending to appoint an appointed representative under certain circumstances; and
    • an authorised person whose permissions relate only to certain consumer credit-related regulated activities to act as an appointed representative..

(Source: FSMA (Consumer Credit) (Miscellaneous Provisions) Order 2014 and FSMA (Appointed Representatives) (Amendment) Regulations 2014)