The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) Order 2014

• Citation: S.I. 2014/376
• Sections: 10

Section 1 Citation and commencement

(1) This Order may be cited as the Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) Order 2014, and comes into force on 1st April 2014.

Section 2 The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 is amended as follows.

Section 3 Meaning of “relevant person” in Chapter 2

(1) Article 30 (meaning of “relevant person” in Chapter 2) is amended as follows.

(2) The existing provision becomes paragraph (1).

(3) After that paragraph, insert—

(2) Paragraph (3) applies where, before 1st April 2014, the OFT —

(a) had given a notice to a person (“A”) under section 32A(2) of the 1974 Act (suspension of a standard licence) that it is suspending A’s licence, but

(b) had not determined under section 34ZA of that Act (representations to OFT: suspension under section 32A) whether or not to confirm such a decision.

(3) For the purposes of article 39 (suspension of licence where determination made before 1st April 2014 but not confirmed), and of paragraph (1) in so far as it defines “relevant person” for the purposes of that article—

(a) A is to be treated as holding a licence under the 1974 Act immediately before 1st April 2014, and

(b) section 32A of that Act (power to suspend licence) is to be treated as if subsection (5) did not apply at that time.

(4) Paragraph (5) applies where, before 1st April 2014—

(a) the OFT had—

(i) given a notice to a person (“B”) under section 32A(2) of the 1974 Act that it is suspending B’s licence, and

(ii) confirmed under section 34ZA of that Act its determination under section 32A of that Act, and

(b) either—

(i) B had submitted a notice of appeal to the First-tier Tribunal under section 41 of the 1974 Act (appeals to First-tier Tribunal under Part 3) with respect to that suspension, and the appeal had not been determined, or

(ii) B had not submitted such a notice of appeal, but the specified period in respect of an appeal against the suspension had not expired.

(5) For the purposes of article 40 (suspension of licence where determination made before 1st April 2014 and confirmed), and of paragraph (1) in so far as it defines “relevant person” for the purposes of that article—

(a) B is to be treated as holding a licence under the 1974 Act immediately before 1st April 2014, and

(b) section 32A of that Act (power to suspend licence) is to be treated as if subsection (5) did not apply at that time.

(6) In this article, “specified period” has the meaning given in section 41 of the 1974 Act.

Section 4 Revocation etc. of licence where no determination made before 1st April 2014

(1) Article 37 (revocation etc. of licence where no determination made before 1st April 2014) is amended as follows.

(2) In paragraph (2), for “and (4)” substitute “to (5) also”;

(3) In paragraph (3)(a), for “section 387 of the Act (warning notices) which does not apply” substitute “sections 387 (warning notices), 392(a) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act, which do not apply”.

Section 5 Revocation etc. of licence where determination made before 1st April 2014

In article 38 (revocation etc. of licence where determination made before 1st April 2014), in paragraph (3)(a), at the end insert “(except for the purposes of sections 392(b) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act, which do not apply)”.

Section 6 Suspension of licence where determination made before 1st April 2014 but not confirmed

(1) Article 39 (suspension of licence where determination made before 1st April 2014 but not confirmed) is amended as follows.

(2) In paragraph (1)—

(a) at the end of sub-paragraph (b), insert “and”;

(b) omit sub-paragraph (c).

(3) In paragraph (2)(a)(ii), for “the purpose of section 387 which does not apply” substitute “the purposes of sections 387 (warning notices), 392(a) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act, which do not apply”.

Section 7 Suspension of licence where determination made before 1st April 2014 and confirmed

(1) Article 40 (suspension of licence where determination made before 1st April 2014 and confirmed) is amended as follows.

(2) In paragraph (1)—

(a) at the end of sub-paragraph (a), insert “and”;

(b) omit sub-paragraph (b);

(3) In paragraph (2)(a)(ii), at the end insert “(except for the purposes of sections 392(b) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act, which do not apply)”.

Section 8 Civil penalties – where no determination made before 1st April 2014

In article 44 (civil penalties – where no determination made before 1st April 2014), in paragraph (2), for “and 387 (warning notices)” substitute “, 387 (warning notices), 392(a) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act”.

Section 9 Civil penalties – where determination made but appeal period has not ended

In article 45 (civil penalties – where determination made but appeal period has not ended), in paragraph (2), for “section 210 which does not apply” substitute “sections 210 (statement of policy), 392(b) (application of sections 393 and 394), in so far as it applies to section 393 (third party rights), and 393 of the Act, which do not apply”.

Section 10 Interim permission

In article 56 (interim permission), after paragraph (12), insert—

(13) Paragraph (15) applies where, before 1st April 2014, the OFT—

(a) had given a notice to P under section 32A(2) of the 1974 Act (suspension of a standard licence) that it is suspending P’s licence, but

(b) had not determined under section 34ZA of that Act (representations to OFT: suspension under section 32A) whether or not to confirm such a decision.

(14) Paragraph (15) also applies where, before 1st April 2014—

(a) the OFT had—

(i) given a notice to P under section 32A(2) of the 1974 Act that it is suspending P’s licence, and

(ii) confirmed under section 34ZA of that Act its determination under section 32A of that Act, and

(b) either—

(i) P had, submitted a notice of appeal to the First-tier Tribunal under section 41 of the 1974 Act (appeals to First-tier Tribunal under Part 3) with respect to that suspension and the appeal had not been determined, or

(ii) P had not submitted such a notice of appeal, but the specified period in respect of an appeal against the suspension had not expired.

(15) For the purposes of this article—

(a) P is to be treated as holding a licence under the 1974 Act immediately before 1st April 2014, and

(b) section 32A of that Act (power to suspend licence) is to be treated as if subsection (5) did not apply at that time.

(16) In this article, “specified period” has the meaning given in section 41 of the 1974 Act.