Reston Solicitors CPR 31.14

[Amethyst]

Re: Reston Solicitors CPR 31.14

I thought something must have changed as it still refers to OFT but didn't realise the whole of part 3 had been ditched completely.

[Amethyst]

Re: Reston Solicitors CPR 31.14

Ahh R0b's added it now.... yes, that.

[mystery1]

Re: Reston Solicitors CPR 31.14

[MENTION=71570]R0b[/MENTION] Any chance you have the legislation that replaces part 3 i.e. the need for a license and the penalty for unlicensed ?

It's so bits and pieces it's hard to piece together never mind apply to CF UK.

TIA

M1

[Amethyst]

Re: Reston Solicitors CPR 31.14

I think it is just replaced with the FSMA regulated activities

[R0b]

Re: Reston Solicitors CPR 31.14

Have to be honest, I understand that the changes are actually in bits and pieces. Since the transfer from the OFT to FCA, OFT no longer exists and neither do licences, firms must now be authorised through the lengthy and time consuming applications set up by the FCA. The FCA has essentially repealed provisions from the CCA and inserted them into the FSMA or they will be somewhere under the Consumer Credit Rules (CONC).

The result of which has made it notoriously complex to fathom exactly where the provisions have been replaced and inserted without going through the FSMA and CONC line by line. I am guessing that your question of licence/penalties which is now referred to as authorisation will predominantly be held under the FSMA as that essentially states who can be authorised and the consequences of undertaking regulated activities without authorisation but there will probably be some provisions in the CONC.

Just as a note, the FCA as part of the transfer must undertake a review of the CCA and report back to HM treasury by 2019 as to whether they can implement the remaining provisions under the CCA and transfer them into the FSMA. So it is quite possible that in a near distant future that the CCA will be repealed fully.

[Amethyst]

Re: Reston Solicitors CPR 31.14

The Financial Services and Markets Act 2000 (Consumer Credit) (Designated Activities) Order 2014 ?

Credit-related regulated activities for the purpose of section 23 of the Financial Services and Markets Act 2000

2. The following kinds of regulated activities are designated for the purposes of section 23(1B) of the Financial Services and Markets Act 2000 (contravention of the general prohibition)(1)—

(a)an activity of the kind specified by article 39F(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (debt-collecting)(2),

(b)an activity of the kind specified by article 60B of that Order (regulated credit agreements)(3),

except in so far as the activity relates to an agreement under which the obligation of the borrower is secured on land.

[Amethyst]

Re: Reston Solicitors CPR 31.14

Well I just keep ending up at that bloody Funeral plan stuff in the FSMA ...

Possibly send that explanation from Restons to the FCA and ask them to explain ? ( you never know, they might )

[mystery1]

Re: Reston Solicitors CPR 31.14

Well I just keep ending up at that bloody Funeral plan stuff in the FSMA ...

Possibly send that explanation from Restons to the FCA and ask them to explain ? ( you never know, they might )

Might answer or might understand it ?



M1

[Amethyst]

Re: Reston Solicitors CPR 31.14

lol, interchangeable .... depends who you get.

[R0b]

Re: Reston Solicitors CPR 31.14

Part II deals with authorisation and permission ss 19 - 30.

Other relevant sections regarding penalties and sanctions are s.56, s.63A and s.71