Financial Regulatory Developments (FReD) - 7 February

UK Government and Parliament

Legislation

Treasury makes consumer credit SIs: Treasury has made two statutory instruments (SIs) making changes consequent on the transfer of consumer credit regulation to FCA under the Financial Services and Markets Act 2000 (FSMA):

• the FSMA (Consumer Credit) (Miscellaneous Provisions) Order 2014 comes into force partly on 26 February (largely for the purpose of making rules and guidance) and otherwise on 1 April. Among other things, it:
• allows applications to make enforceable agreements that would not otherwise have been enforceable because of a breach of the authorisation requirement;
• aligns certain exclusions in the Regulated Activities Order to apply them also to consumer credit; and