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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

article 3(1)(b) credit agreement

    118a credit agreement:

      1. (a) under which the person to whom the credit is provided is a consumer,
      1. (b) the purpose of which is to acquire or retain property rights in land or in an existing or projected building; and
      1. (c) which is not an MCD regulated mortgage contract.

    where the reference in (b) to land or a building is a reference:154

      1. (d) in relation to a contract entered into before IP completion day162:154
        1. (i) to land or a building in the United Kingdom; or 154
        1. (ii) if the contract was entered into on or after 21 March 2016, to land or a building in the United Kingdom or within the territory of a State that was an EEA State at the time the contract was entered into; and154
      1. (e) in relation to a contract entered into on or after IP completion day162, to land in the United Kingdom.154

    [Note: articles 3(1)(b) and 4(3) of the MCD]