Article 60B RAO: where business lending sits

Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 defines a regulated credit agreement by reference to the borrower. Credit provided to an individual, or to certain small partnerships and unincorporated associations, can be regulated credit. Credit provided to a body corporate is outside that definition.

Because the group's borrowers are incorporated companies, its lending sits outside Article 60B. The estate states this position directly and avoids the looser phrase "Consumer Credit Act exemption", which describes a different mechanism.

One practical consequence: the consumer-credit routes to the Financial Ombudsman Service do not apply to this lending. The lender publishes its complaints route regardless — complaints@credicorp.co.uk — and, independently of regulation, caps the total cost of borrowing at 100% of the amount advanced.

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Published by CM Beyer Limited for the Creditcorp group. Company and mark facts in this item can be checked at Companies House and the UK IPO; the directory keeps the links on the legal & compliance page.