Regulatory Status and Legal Basis — Credicorp

Regulatory status — owerview

We lend anely tae UK incorporate bodies corporate — leemitit companies (Ltd), leemitit liabilitie pairtnerships (LLP) an public leemitit companies (PLC). That means the lendin sits ootwith the FCA's consumer-credit regulation.

The legal basis

Lendin tae a company faws ootwith the defineetion o a regulated credit agreement in Article 60B o the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (the "RAO"), acause sic an agreement needs the borrower tae be an individual, a smaw pairtnership, or an unincorporate association. A company is nane o thae. Sae the Financial Ombudsman Service canna luik at complaints aboot it an the Financial Services Compensation Scheme disnae kiver it; the coorts are the last step.

The relevant articles

Article 60B is the basis we rely on — it haulds regulated agreements tae individual borrowers. Article 60C(3) is the business-purposes exemption for credit ower £25,000; we dinnae rely on it. Article 60H an Article 60L are defineetions anely, no exemptions.

Whit this is no

This is no a "Consumer Credit Act 1974 exemption". The richt framewark is the FSMA RAO 2001 an the body-corporate scope o Article 60B abuin.

Whit it means for ye

The company is the borrower; the director that signs disnae borrae personally — we tak nae personal guarantee. Ye dinnae hae the Consumer Credit Act 1974 protections, but we offer mony siclike protections voluntarily, includin a 14-day withdrawal period.

Scots draft — wytin on a native-speaker review. The English version o this document is the authoritative ane gin there's ony ambiguity. Read this in English