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Consumer Credit Regulations definitions

Definitions relating to consumer credit regulations.

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Consumer Credit Firm

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Consumer Credit Firm

means any of the following entities when providing a Credit-related Regulated Activity:

  • An entity registered under the Institutes’ Audit Regulations;
  • An entity licensed under the Institutes’ Designated Professional Body Handbook;
  • An entity which is entitled to use the Description “Chartered Accountants” by virtue of the relevant regulations made by an Institute; or
  • any other entity that was, before 1 April 2014, within the scope of the Institutes’ group consumer credit licence,

but excluding an entity which is authorised by the FCA (such entity being excluded from these transitional arrangements and therefore required to hold the relevant permissions to undertake credit-related regulated activities from 1 April 2014.)

Credit-related Regulated Activity

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Credit-related Regulated Activity

means certain activities as specified in the Financial Services and Markets Act (Regulated Activities) Order 2001 (as amended) which relate to a regulated credit agreement or a regulated consumer hire agreement as applicable to that activity, or in the case of (vii) to information about a person’s financial standing. For the purposes of these Regulations the activities are: 

  • entering into a regulated credit agreement as lender as set out in article 60B(1);
  • exercising, or having the right to exercise, the lender’s rights and duties under a regulated credit agreement as set out in article 60B(2);
  • credit broking as set out in article 36A;
  • debt adjusting as set out in article 39D(1) and (2);
  • debt counselling as set out in article 39E(1) and (2);
  • debt administration as set out in article 39G(1) and (2);
  • providing credit information services as set out in article 89A; and
  • agreeing to carry on a regulated activity so far as relevant to any of the activities in (i) to (vii);

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Institute

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Institute

means the Institute of Chartered Accountants in England & Wales (ICAEW); or the Institute of Chartered Accountants of Scotland (ICAS); or the Institute of Chartered Accountants in Ireland (ICAI) operating as Chartered Accountants Ireland.

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Member

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Member

means an individual who is a member of an Institute.

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Professional services

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Professional services

means services provided by a consumer credit firm that are subject to the rules of the Institute through the operation of the Charter, Rules, Bye-laws, Regulations, ethical guidance, training requirements, disciplinary codes and other regulations.

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Regulated activity

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Regulated activity

means an activity that falls within the specified activities set out in the Financial Services and Markets Act (Regulated Activities) Order 2001 (as amended).

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