Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Consumer definition

What does Consumer mean? A consumer is, in practice, an individual who acquires goods, services or digital content for personal use, not for the purposes of a trade, business, craft or profession. The precise meaning is statutory and context‑specific. England & Wales and Scotland: The Consumer Rights Act 2015, s2(3), defines a consumer as an individual acting for purposes wholly or mainly outside their trade, business, craft or profession (capturing mixed‑purpose purchases where the business purpose is not predominant). The Unfair Contract Terms Act 1977 instead asks whether a party “deals as consumer”, a distinct test relevant to exclusion and limitation clauses. The Sale of...

Operating P2P consumer lending platforms under article 36H RAO: scope, exclusions and FCA CONC requirements (UK)

Published by a LexisNexis Financial Services expert

Practice notes

Pursuant to article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), running an electronic platform connected to Lending in the UK and related arrangements, when undertaken by way of business, generally amounts to a regulated activity.

This Practice Note explores the boundaries and reach of that regime, covering the core components of operating such lending systems, the requirements applying to firms authorised to conduct it, and the principal exclusions from the scope as applicable.

Regulated activities—general

Section 19(1) of the Financial Services and Markets Act 2000 (FSMA 2000) sets a general ban on performing regulated activities in the UK unless the individual or entity is authorised or exempt.

Under FSMA 2000, s 22, an activity only counts as a regulated activity if it is carried on 'by way of business'.

According to the Financial Conduct Authority’s (FCA) Perimeter Guidance Manual (PERG) (PERG 2.3.3 G), determining whether an activity is undertaken by way of business turns on factors including its scale, how continuous it is, whether there is a commercial element, and the character of the specific regulated activity.

For more detail, see Practice Note: What does 'by way of business' mean?...

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Web page updated on 21/05/2026

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