Schedule 24, paragraph 1

A contract between a consumer and a trader where— the contract is entered into by the trader in the course of carrying on a regulated financial services activity, and the trader is authorised to carry on that activity. In sub-paragraph (1)(a), a regulated financial services activity means— a regulated activity for the purposes of section 19 of the Financial Services and Markets Act 2000; a payment service within the meaning of regulation 2(1) of the Payment Services Regulations 2017 (S.I. 2017/752); the issue of electronic money. For the purposes of sub-paragraph (1)(b), a person is authorised to carry on a regulated financial services activity if— the person is an authorised person in relation to the activity for the purposes of section 19 of the Financial Services and Markets Act 2000; the person is exempt from the general prohibition in relation to the activity under section 39(1) of that Act; the person is a payment service provider and the activity is a payment service for which the person is authorised or registered under Part 2 of the Payment Services Regulations 2017; the person is an electronic money issuer and the activity is the issue of electronic money for which the person is authorised or registered under Part 2 of the Electronic Money Regulations 2011 (S.I. 2011/99). In this paragraph— “electronic money” has the meaning given by regulation 2(1) of the Electronic Money Regulations 2011 (and references to the issue of electronic money are to be construed in accordance with those regulations); “electronic money issuer” has the meaning given in regulation 2(1) of those Regulations; “the general prohibition” has the same meaning as in the Financial Services and Markets Act 2000 (see section 19(2) of that Act); “payment service provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017.

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Source: legislation.gov.uk · retrieved 2026-07-30