Schedule 7, Part 1, paragraph 6(4)

In Part 1 of Schedule 9 (business in the regulated sector), in paragraph 1(1)— in paragraph (b) — for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”; at the end of sub-paragraph (i), omit “or”; after sub-paragraph (i), insert— an undertaking whose only listed activity is as a creditor under an agreement which— falls within section 12(a) of the Consumer Credit Act 1974 (debtor-creditor-supplier agreements); provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or after paragraph (j), insert— the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit); in paragraph (q)— after “involves the” insert “ making or ”; for “15,000” substitute “ 10,000 ”.

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Source: legislation.gov.uk · retrieved 2026-09-04