Related provisions for PERG 2.7.19M

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CONC App 1.4.1RRP
(1) For the purposes of articles 60H(1)(c) and 60Q(b) of the Regulated Activities Order and of CONC 1.2.10R(2), a declaration made by the borrower or hirer which provides that the borrower or hirer agrees to forgo the protection and remedies that would be available to the borrower or hirer if the agreement were a regulated credit agreement or a regulated consumer hire agreement must comply with CONC App 1.4.2R and either CONC App 1.4.6R or, in the case of an MCD article 3(1)(b)
CONC App 1.4.2RRP
A declaration for the purposes of articles 60H(1)(c) and 60Q(b) of the Regulated Activities Order and of CONC 1.2.10R(2) shall 2(1) be set out in the credit agreement or consumer hire agreement no less prominently than other information in the agreement and be readily distinguishable from the background medium; and(2) be signed by the borrower or hirer, unless the agreement is so signed.
CONC App 1.4.4RRP
A person3 who is(1) the lender or owner;(2) an employee or agent of the lender or owner or a person who otherwise acts on behalf of the lender or owner in relation to the credit agreement or consumer hire agreement; or(3) an associate of the lender or owner, may only make a statement of high net worth if the lender or owner is a person who has Part 4A permission to accept deposits.
CONC App 1.4.5RRP
A declaration for the purposes of articles 60C or 60O of the Regulated Activities Order shall(1) comply with CONC App 1.4.8 R;(2) be set out in the credit agreement or consumer hire agreement no less prominently than other information in the agreement and be readily distinguishable from the background medium; and(3) be signed by the borrower or hirer or where the borrower or hirer is a partnership or unincorporated body of persons be signed by, or on behalf of, the borrower or
CONC App 1.4.6RRP
The declaration for the purposes of articles 60H(1)(c) and 60Q(b) of the Regulated Activities Order must have the following form and content- 2“Declaration by high net worth borrower or hirer(articles 60H(1) and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)2I confirm that I have received a copy of the statement of high net worth made in relation to me for the purposes of article 60H(1)(d) 2or article 60Q(c) of the Financial Services and
CONC App 1.4.7RRP
A statement of high net worth for the purposes of articles 60H(1)(d) and 60Q(c) of the Regulated Activities Order must have the following form and content: 2“Statement of High Net Worth(articles 60H(1) and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)2I/We* (insert full name) .............................................................. of (insert address and postcode).............................................................. confirm
CONC App 1.4.8RRP
A declaration for the purposes of articles 60C or 60O of the Regulated Activities Order must have the following form and content“Declaration for exemption relating to businesses(articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)I am/We are* entering this agreement wholly or predominantly for the purposes of a business carried on by me/us or intended to be carried on by me/us.I/We* understand that I/We* will not have the benefit
PERG 8.17-A.1GRP
Section 21 of the Act applies to financial promotions in relation to relevant consumer credit and consumer hire. This section sets out guidance about such financial promotions.
PERG 8.17-A.3GRP
Rights under a consumer hire agreement are also a controlled investment.
PERG 8.17-A.5GRP
The controlled activities also include providing consumer hire. A person provides consumer hire if he enters into a regulated consumer hire agreement (or an agreement that would be such an agreement were it not exempt under article 60O (exempt agreements: exemptions relating to the nature of the agreement) or 60Q (exempt agreement: exemptions relating to nature of hirer) of the Regulated Activities Order) as owner or exercises or has the right to exercise the rights of the owner
PERG 8.17-A.7GRP
There are three other controlled activities that involve both of the controlled investments of relevant credit agreements and consumer hire agreements:(1) credit broking;(2) debt adjusting;(3) debt counselling;
PERG 8.17-A.9GRP
Financial promotions about relevant consumer credit or consumer hire are subject to the exemptions in Part IV of the Financial Promotion Order (Exempt communications: all controlled activities). A number of the exemptions in Part VI of the Financial Promotion Order (Exempt communications: certain controlled activities) also apply. Guidance on some of these (which apply to financial promotions about both qualifying credit and relevant consumer credit) is given in PERG 8.17.10 G
PERG 8.17-A.10GRP
(1) Article 46A of the Financial Promotion Order exempts a communication which relates to the controlled activities of operating an electronic system in relation to lending, providing relevant consumer credit or providing consumer hire. (2) This exemption applies only if the communication: (a) indicates clearly that a person is willing to engage in the investment activity for the purposes of another person's business; and (b) does not indicate (by express words or otherwise) that
PERG 2.7.7EGRP
15There are six activities that fall within credit broking. These are:(1) effecting an introduction of an individual who wishes to enter into a credit agreement to another person, with a view to that person entering as lender into a credit agreement by way of business;(2) effecting an introduction of an individual who wishes to enter into a consumer hire agreement to another person, with a view to that person entering as owner into a consumer hire agreement by way of business
PERG 2.7.8BGRP
15This activity comprises:(1) negotiating with the lender or owner, on behalf of the borrower or hirer, terms for the discharge of a debt;(2) taking over, in return for payments by the borrower or hirer, that person's obligation to discharge a debt; or(3) any similar activity concerned with the liquidation of a debt;when carried on in relation to debts due under a credit agreement or consumer hire agreement.
PERG 2.7.8CGRP
15Giving advice to a borrower about the liquidation of a debt due under a credit agreement is a regulated activity. Giving advice to a hirer about the liquidation of a debt due under a consumer hire agreement is a regulated activity. See PERG 17 for further guidance on debt-counselling.
PERG 2.7.8DGRP
(1) 15Taking steps to procure the payment of a debt due under a credit agreement or a consumer hire agreement is a regulated activity.(2) Taking steps to procure the payment of a debt due under an article 36H agreement (see PERG 2.7.7HG (3)) which has been entered into with the facilitation of an operator of an electronic system in relation to lending is also a regulated activity.(3) The activity is not a regulated activity in so far as the activity is operating an electronic
PERG 2.7.8EGRP
(1) 15Taking steps to perform duties or to exercise or to enforce rights under a credit agreement or a consumer hire agreement on behalf of the lender or owner is a regulated activity.(2) Taking steps to perform duties or to exercise or to enforce rights under an article 36H agreement (see PERG 2.7.7HG (3)) which has been entered into with the facilitation of an operator of an electronic system in relation to lending is also a regulated activity.(3) In so far as the activity is
PERG 2.7.19LGRP
15A consumer hire agreement is not a regulated consumer hire agreement for the purposes of PERG 2.7.19K G if it is an exempt agreement17. PERG 2.7.19M G to PERG 2.7.19P G describe the categories of exempt agreement17.
PERG 2.7.19NGRP
15As in the case of a credit agreement (see PERG 2.7.19D G), if a consumer hire agreement includes a declaration which:(1) is made by the hirer;(2) provides that the agreement is entered into by the hirer wholly or predominantly for business purposes; and(3) complies with CONC App 1.4;the consumer hire agreement is to be presumed to have been entered into by the hirer for business purposes. This presumption does not apply, however, if the owner or any person who has acted on behalf
PERG 2.7.19OGRP
15A consumer hire agreement is an exempt agreement17 if the owner is a body corporate which supplies gas, electricity or water under an enactment and the subject of the agreement is a meter or metering equipment which is used in connection with that purpose.
CONC 2.5.2GRP
The scope of credit broking for the introducing activities (article 36A(a) to (c) of the Regulated Activities Order) covers regulated credit agreements and regulated consumer hire agreements. But additionally in relation to credit agreements it covers introductions concerning exempt agreements under articles 60C to 60H of that Order (other than agreements under article 60F of that Order (exempt agreements: exemptions relating to the number of repayments to be made)). Additionally
CONC 2.5.3RRP
A firm must:(1) where it has responsibility for doing so, explain the key features of a regulated credit agreement to enable the customer to make an informed choice as required by CONC 4.2.5 R;[Note: paragraphs 4.27 to 4.30 of CBG and 2.2 of ILG](2) take reasonable steps to satisfy itself that a product it wishes to recommend to a customer is not unsuitable for the customer's needs and circumstances;[Note: paragraph 4.22 of CBG](3) advise a customer to read, and allow the customer
CONC 2.5.6RRP
Where a credit broker ("B") is not a negotiator (within the meaning of section 56(1) of the CCA), B must, within seven working days after receiving a request in writing for any such information, which is made by a customer within 28 days after the termination of any negotiations relating to a regulated credit agreement or a regulated consumer hire agreement whether on the making of the agreement or otherwise, give to the customer notice of: (1) the name and address of any credit
CONC 2.5.8RRP
A firm must not:(1) make or cause to be made unsolicited calls to numbers entered on the register kept under regulation 25 or 26 of the Privacy and Electronic Communications (EC Directive) Regulations 2003 or to a customer who has notified the firm not to call the number being used to call; [Note: paragraph 3.9a of CBG](2) other than where:(a) [deleted]4(b) [deleted]4(c) [deleted]4(ca) (i) the firm has obtained the contact details of a customer (C) in the course of the sale or
CONC 2.5.9GRP
(1) It is likely to be an inappropriate offer of an inducement or incentive to enter into an regulated credit agreement or a regulated consumer hire agreement to state that the offer in relation to the agreement will be withdrawn or the terms and conditions of the offer will worsen if the agreement is not signed immediately or within a stated period after the communication, unless the firm's offer on those terms and conditions will in fact be withdrawn or worsen in the period
SUP 8A.1.1DRP
1This chapter applies to every firm which:(1) is subject to the requirements as to the form and content of regulated agreements under the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and the Consumer Credit (Agreements) Regulations (SI 2010/1014) made under section 60(1) of the CCA that wishes to apply for a direction from the FCA waiving or varying those requirements;(2) is subject to the requirement under section 64(1)(b) of the CCA to send debtors or hirers
SUP 8A.1.2GRP
This chapter explains how the regime works for obtaining: (1) a direction from the FCA waiving or varying the requirements as to the form and content of regulated agreements under the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and the Consumer Credit (Agreements) Regulations (SI 2010/1014) made under section 60(1) of the CCA;(2) a determination by the FCA that the requirement under section 64(1)(b) of the CCA to send debtors or hirers a notice of their rights
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.
PERG 2.11.3GRP
This exemption applies to a scheme under which an employer provides or makes available to their employees a cycle or cyclist's safety equipment up to the value of £1,000 (which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003). An employer does not require authorisation for the regulated activities relating to regulated consumer hire agreements just because it operates such a scheme.
PERG 2.11.7GRP
(1) 4Under paragraph 54A(1) of the Schedule to the Exemption Order, a person who serves, or takes steps to serve, a document on a borrower or a hirer for the purposes of legal proceedings, including arbitration and insolvency proceedings, brought or to be brought for the payment of a debt due under a credit agreement, a P2P agreement or a consumer hire agreement is exempted from debt collecting, as long as the person:(a) is not the lender or owner under the agreement; and(b) does
CONC 3.1.5RRP
CONC 3.3.1 R also applies to:(1) a communication with a customer in relation to a consumer hire agreement; (2) the communication or approval for communication of a financial promotion in relation to a consumer hire agreement; and(3) a communication with a customer in relation to providing credit information services.
CONC 3.1.6RRP
CONC 3 does not apply to:(1) a financial promotion or a communication which expressly or by implication indicates clearly that it is solely promoting credit agreements or consumer hire agreements or P2P agreements for the purposes in each case of a customer's business;(2) a financial promotion or a communication to the extent that it relates to qualifying credit; or(3) an excluded communication.
CONC 3.1.9RRP
This chapter applies to a firm in relation to:(1) a communication with, or the communication or approval for communication of a financial promotion to, a person in the UK;(2) the communication of an unsolicited real time financial promotion, unless it is made from a place, and for the purposes of a business which is only carried on, outside the UK; and(3) the communication or approval for communication of a financial promotion that is an electronic commerce communication to a
CONC 7.13.1GRP
The obtaining, recording, holding and passing on of information about individuals for the purposes of tracing a customer and/or recovering a debt due under a credit agreement or a consumer hire agreement or a P2P agreement will involve the processing of personal data. Accordingly, firms processing such data are data controllers or data processors and are obliged to comply with data protection legislation2 and, in particular, to adhere to the 2data protection principles.[Note:
CONC 7.13.7RRP
Where a firm has established that an individual being pursued for a debt is not the true borrower or hirer under the credit agreement, regulated credit agreement, consumer hire agreement or regulated consumer hire agreement or that the debt has been paid, the firm must update its records and the data supplied to the credit reference agencies (where applicable).[Note: paragraph 3.23f of DCG]
SUP 8A.2.3GRP
An application may be made under section 60(3) of the CCA only if it relates to: (1) a consumer credit agreement secured on land; or(2) a consumer credit agreement under which a person takes an article in pawn; or(3) a consumer credit agreement under which the creditor provides the debtor with a credit that exceeds £60,260; or(4) a consumer credit agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on,
SUP 8A.2.6GRP
If on an application made to the FCA by a firm carrying on a consumer hire business, it appears to the FCA that it would be in the interests of hirers to do so, the FCA may direct that subject to such conditions (if any) as it may specify, section 101 of the CCA shall not apply to consumer hire agreements made by that firm.
CONC 4.6.3RRP
A firm must include the terms of the continuous payment authority, in plain and intelligible language,1 as part of the credit agreement or consumer hire agreement presented to the customer or P2P agreement presented to the borrower. [Note: paragraph 3.9miii of DCG]
CONC 4.6.5RRP
(1) 1This rule applies if:(a) a firm is to enter into a regulated credit agreement or a regulated consumer hire agreement, or is to facilitate the entry into a P2P agreement;(b) an individual other than the borrower or the hirer (in this rule referred to as “the guarantor”) is to provide a guarantee or an indemnity (or both) in relation to the regulated credit agreement, the regulated consumer hire agreement or the P2P agreement; and(c) the guarantor is to grant a continuous payment
CONC 7.1.1RRP
1This chapter applies, unless otherwise stated in or in relation to a rule, to:(1) a firm with respect to consumer credit lending;(2) a firm with respect to consumer hiring;(3) a firm with respect to operating an electronic system in relation to lending, in relation to a borrower under a P2P agreement;(4) a firm with respect to debt collecting.
CONC 7.1.4RRP
(1) 2In this chapter, except for CONC 7.6.15AG:(a) a reference to a borrower, a customer or a hirer includes a reference to an individual other than the borrower or the hirer (in this chapter, referred to as “the guarantor”) who has provided a guarantee or an indemnity (or both) in relation to:(i) a regulated credit agreement; or(ii) a regulated consumer hire agreement; or(iii) a P2P agreement in respect of which the borrower is an individual;where it would not do so but for this
CONC 10.2.7GRP
The definition of relevant debts under management refers to a debt due under a credit agreement or a consumer hire agreement in relation to which the firm is carrying on debt adjusting or an activity connected to that activity. The reference to "debt due" covers not only amounts that are payable at the time the prudential resources requirement is calculated but also amounts the borrower or hirer1 is presently obliged to pay under the credit agreement or the consumer hire agreement1
CONC 10.2.12GRP
If during the following year 20% (£200) of each relevant debt under management is paid off by the borrower or hirer leaving an outstanding balance of £800 on each relevant debt under management,and during that year the firm does not carry on debt adjusting in relation to any further debts due under credit agreements or consumer hire agreements, the total value of the firm'srelevant debt under management is £8,000,000. If the firm does not carry on any other regulated activity
CONC 4.1.1RRP
1This section, apart from CONC 4.1.4 R, applies to: (1) a firm with respect to consumer credit lending; or (2) a firm with respect to consumer hiring;including where the firm provides a quotation acting on behalf of a customer.
CONC 4.1.5RRP
(1) Paragraphs (2) to (5) apply to CONC 4.1.3 R and CONC 4.1.4 R (rules on content of quotations).(2) “Quotation” means any document by which a person gives a customer information about the terms on which the person or a lender or owner is prepared to do business, but it does not include:(a) a communication which is also a financial promotion;(b) any document given to a customer under section 58 of the CCA (opportunity for withdrawal from prospective land mortgage);(c) any document
CONC 11.1.1RRP
Except as provided for in CONC 11.1.2 R or where PROF 5.4.1 R (1) or PROF 5.4.1 R (2) applies, a consumer has a right to cancel a distance contract without penalty and without giving any reason, within 14 calendar days where that contract is:(1) a credit agreement;(2) an agreement between a consumer and a firm the subject matter of which comprises or relates to credit broking,1debt counselling, debt adjusting, providing credit information services or providing credit references,
CONC 11.1.3GRP
Section 66A of the CCA (right to withdraw) does not apply to an agreement for credit exceeding £60,260 (unless the agreement is a residential renovation agreement)2, an agreement secured on land, a restricted-use credit agreement to finance the purchase of land or an agreement for a bridging loan in connection with the purchase of land. Section 67 of the CCA (cancellable agreements) applies to regulated credit agreements (apart from agreements secured on land, restricted-use credit
CONC 8.1.4GRP
The activities of debt counselling and debt adjusting apply to credit agreements and consumer hire agreements whether they are regulated or not.
CONC 6.4.2RRP
(1) Where a firm is entitled to payments from the same customer in respect of two or more regulated agreements, the firm must allow the customer, on making any payment in respect of those agreements which is not sufficient to discharge the total amount then due under all the agreements, to appropriate the sum paid by him:(a) in or towards the satisfaction of the sum due under any one of the agreements; or(b) in or towards the satisfaction of the sums due under any two or more
CONC 6.1.2GRP
(1) 2CONC 6.5 and CONC 6.7 apply to firms with respect to consumer credit lending.(2) CONC 6.3 applies to current account agreements that would be regulated credit agreements if the customer overdraws on the account.(3) CONC 6.4 and CONC 6.6 apply to firms which carry on consumer credit lending in relation to regulated credit agreements and firms which carry on consumer hiring in relation to regulated consumer hire agreements.(4) CONC 6.7.17 R to CONC 6.7.26 R also apply to firms