Section 357XB | Lending and investment ^F1

(1)A trade is an “excluded trade” if it consists of or includes—

(a)a lending activity, or

(b)a relevant regulated activity.

(2)But a trade is not an “excluded trade” by virtue of subsection (1) where it is carried on by an insurance company (within the meaning given by section 65 of FA 2012).

(3)In this section “lending activity” means—

(a)lending of money, including consumer credit, mortgage credit, factoring (with or without recourse), and financing of commercial transactions (including forfeiting),

(b)finance leasing (as lessor),

(c)issuing and administering means of payment,

(d)provision of guarantees or commitments to provide money,

(e)money transmission services,

(f)provision of alternative finance arrangements, or

(g)other activities carried on in connection with activities falling within any of paragraphs (a) to (f).

(4)In this section “relevant regulated activity” means an activity which is a regulated activity for the purposes of FISMA 2000 by virtue of any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)—

(a)article 5 (accepting deposits),

(b)article 14 (dealing in investments as principal),

(c)article 21 (dealing in investments as agent),

(d)article 25 (arranging deals in investments),

(e)article 40 (safeguarding and administering investments), and

(f)article 61 (entering into regulated mortgage contracts).