The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No. 2) Order 2014

• Citation: S.I. 2014/835
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No. 2) 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

(1) Article 59 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (interim permission) is amended as follows.

(2) In paragraph (2), omit sub-paragraph (d).

(3) After paragraph (8), insert—

(9) A’s interim permission is to be disregarded for the purposes of determining whether section 327(1) of the Act disapplies the general prohibition.

(10) A regulated activity for which a person has interim permission is to be disregarded for the purposes of section 327(5) and (7) of the Act (exemption from the general prohibition).

(11) For the purposes of section 332 of the Act (rules in relation to persons to whom the general prohibition does not apply)—

(a) A’s interim permission is to be disregarded for the purposes of subsection (3)(a);

(b) the regulated activities carried on under A’s interim permission are to be disregarded for the purposes of subsection 332(3)(b) and (4).