Markets in Financial Instruments Act 2018


Amendment of Enactments concerning Credit Reporting and Financial Services and Pensions Ombudsman

Amendment of section 2 of Credit Reporting Act 2013

8. Section 2 of the Credit Reporting Act 2013 is amended—

(a) in the definition of “credit” in subsection (1), by the substitution of the following for paragraph (f):

“(f) in the form of trade credit, or”,


(b) by the insertion of the following after subsection (1):

“(1A) For the purposes of paragraph (f) of the definition of ‘credit’ in subsection (1), a loan, deferred payment or other form of financial accommodation (the ‘relevant credit’) is provided in the form of trade credit if the following conditions are satisfied—

(a) in the case of both the person (the ‘first-mentioned person’) by whom, and the person to whom, the relevant credit is provided, each is acting in the course of his or her business, trade or profession,

(b) the first-mentioned person is not a regulated financial services provider,

(c) the terms of the relevant credit provide for repayment, whether in instalments or as a single amount, of the whole of the credit by a date that is not later than 6 months after the date of its provision, and

(d) the purpose of the relevant credit is to facilitate the purchase of goods or services from the first-mentioned person.”.