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Jurisdiction(s):
United Kingdom
United Kingdom
Key definition
Sector definition What does Sector mean? In legal practice, sector describes a category of economic activity or group of undertakings with shared products, services or regulation (for example energy, telecommunications, financial services or media), used to frame regulatory, contractual and transactional analysis. The term is generally descriptive rather than a single defined legal term, but specific statutes define sectors for particular purposes: in the UK, anti-money laundering law refers to the “regulated sector”, public procurement law identifies the “utilities sectors”, and national security screening specifies “sensitive sectors” for notifiable acquisitions; Irish legislation uses analogous concepts (for example “designated persons” for AML and sector-specific procurement directives). Usage...
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FCA regulation of unfair terms in UK financial services: Consumer Rights Act 2015 compliance, CMA guidance, enforcement options, Consumer Duty and UTCCRs
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Practice notes
Consumer protection legislation applies to businesses generally and to the regulated financial services sector
This Practice Note explores the obligations on firms authorised by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (FSMA 2000) (herein referred to as ‘firms’) to comply with a central element of consumer protection law, the Consumer Rights Act 2015 (CRA 2015), together with its predecessor, the Unfair Terms in Consumer Contracts Regulations 1999, SI 1999/2083 (UTCCRs). In addition to these statutory duties, firms must follow the FCA’s regulatory rules and take account of guidance relevant to unfair contract terms.
- Under the CRA 2015, the FCA may challenge firms regarding the fairness and/or transparency of contractual terms and notices in financial services consumer contracts (whether in standard form or individually negotiated) entered into from 1 October 2015.
- Under the UTCCRs, the FCA may challenge firms regarding the fairness or transparency of contractual terms in standard form financial services contracts entered into before 1 October 2015.
The FCA also holds powers under FSMA 2000 where a firm breaches legislative and/or regulatory requirements concerning fair contractual terms...
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Web page updated on 22/05/2026
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