Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2019

Regulatory Updates | 02/07/19

Amendments have been made to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 by SI 2019/1067, which inserts new article 36FA. The new article introduces an exclusion from the scope of article 36A – which specifies that credit broking is a regulated activity – for introductions by registered social landlords (RSLs) and housing associations of individuals seeking to enter into a credit arrangement to social and community lenders, where the introductions are made on a fee-free basis. RSLs are also enabled to make fee-free referrals to tenants or potential tenants to these social and community lenders, without requiring FCA authorisation. Entities covered by the exclusion are credit unions, community benefit societies, community interest companies limited by guarantee, registered charities, subsidiaries of registered charities, and subsidiaries of RSLs. The Order comes into effect on 23 July 2019.