107 Power to make further provision about regulation of consumer credit
Financial Services Act 2012 (2012 c 21) | Legislation

Part 9 Miscellaneous

Consumer credit

107  Power to make further provision about regulation of consumer credit

(1)     Subsection (2) applies on or at any time after the making, after the passing of this Act, of an order under section 22 of FSMA 2000 which has the effect that an activity (a “transferred activity”)—

(a)     ceases to be an activity in respect of which a licence under section 21 of CCA 1974 is required or would be required but for the exemption conferred by subsection (2), (3) or (4) of that section or paragraph 15(3) of Schedule 3 to FSMA 2000, and

(b)     becomes a regulated activity for the purposes of FSMA 2000.

(2)     The Treasury may by order do any one or more of the following—

(a)     transfer to the FCA functions of the OFT under any provision of CCA 1974 that remains in force;

(b)     provide that any specified provision of FSMA 2000 which relates to the powers or duties of the FCA in connection with the failure of any person to comply with a requirement imposed by or under FSMA 2000 is to apply, subject to any specified modifications, in connection with the failure of any person

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