Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

FSMA 2000 definition

What does FSMA 2000 mean? FSMA 2000 refers, in legal practice, to the UK’s core statutory framework for financial services regulation: the financial services and markets act 2000, as amended (including by the Financial Services Act 2012 and the Financial Services and Markets Act 2023). Practitioners use “FSMA 2000” to denote the regime setting the regulatory perimeter and the powers of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Key features include: - Regulated activities defined via the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). - Authorisation and permissions (Part 4A) and threshold conditions. - The financial promotion restriction (section 21). -...

Regulated credit agreements: meaning of credit, borrower scope, classifications, exemptions and key case law under the CCA 1974 and RAO

Published by a LexisNexis Financial Services expert

Practice notes

Whether a credit agreement is regulated is determined by the Financial Services and Markets Act 2000 (fsma 2000), the Consumer Credit Act 1974 (CCA 1974) and related secondary legislation and rules, most notably the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). The RAO sets out multiple exemptions tied to the agreement’s nature and core characteristics, making it essential to pinpoint the correct agreement category. This Practice Note defines ‘credit’ and ‘regulated credit agreement’ and outlines the reach of the RAO and CCA 1974, including which agreements are brought within regulation.

Meaning of credit under the CCA 1974 and the RAO

For the credit limb of the consumer credit framework to bite, the transaction must involve credit. Separately, the regime also captures consumer hire agreements, which do not constitute ‘credit’. Under CCA 1974, s 9(1) and RAO, SI 2001/544, art 60L(1), ‘credit’ covers a cash loan and any other sort of financial accommodation. CCA 1974, s 9 further provides that:

credit extended in a currency other than sterling is, for CCA 1974 purposes, treated as provided in sterling for an equivalent sum
in a hire-purchase agreement, the party bailing or hiring out the goods to an...

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Web page updated on 21/05/2026

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