Financial Services and Markets Act 2023 · SCHEDULE 14

13 Minor and consequential amendments

Sch. 14 para. 13 · in force: yes

Captured statutory text (L5)

13 Minor and consequential amendments

(1)Section 31 (interpretation, etc.) is amended as follows.

(2)In subsection (1), at the appropriate places insert— “conditional sale agreement” means an agreement for the sale of goods under which— the purchase price or part of it is payable by instalments, and the property in the goods is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled; ;“enactment” includes— an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978; an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament; an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978; an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales; ;“hire purchase agreement” means an agreement— which is not a conditional sale agreement, under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, and the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs— the exercise by P of an option to purchase the goods; the doing by any party to the agreement of any other act specified in the agreement; the happening of any event specified in the agreement; .

(3)After subsection (1A) insert—

(1B)In this Act, “insurance distribution activity” means any of the following activities—

(a)dealing in rights under a contract of insurance as agent;

(b)arranging deals in rights under a contract of insurance;

(c)assisting in the administration and performance of a contract of insurance;

(d)advising on buying or selling rights under a contract of insurance;

(e)agreeing to do any of the activities specified in paragraphs (a) to (d).

(1C)Subsection (1B) must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.

(4)In subsection (4)—

(a)in the words before paragraph (a), omit “(which are replaced by, or are inconsistent with, provisions of the 2000 Act)”;

(b)omit paragraph (b);

(c)omit paragraph (d).

Full captured verbatim text

(1) Section 31 (interpretation, etc.) is amended as follows.

(2) In subsection (1), at the appropriate places insert—

“conditional sale agreement” means an agreement for the sale of goods under which—

the purchase price or part of it is payable by instalments, and

the property in the goods is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled;

;“enactment” includes—

an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978;

an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;

an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978;

an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;

;“hire purchase agreement” means an agreement—

which is not a conditional sale agreement,

under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, and

the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs—

the exercise by P of an option to purchase the goods;

the doing by any party to the agreement of any other act specified in the agreement;

the happening of any event specified in the agreement;

.

(3) After subsection (1A) insert—

(1B) In this Act, “insurance distribution activity” means any of the following activities—

(a) dealing in rights under a contract of insurance as agent;

(b) arranging deals in rights under a contract of insurance;

(c) assisting in the administration and performance of a contract of insurance;

(d) advising on buying or selling rights under a contract of insurance;

(e) agreeing to do any of the activities specified in paragraphs (a) to (d).

(1C) Subsection (1B) must be read with—

(a) section 22 of the 2000 Act;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.

(4) In subsection (4)—

(a) in the words before paragraph (a), omit “(which are replaced by, or are inconsistent with, provisions of the 2000 Act)”;

(b) omit paragraph (b);

(c) omit paragraph (d).

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Interpretation provisions define conditional sale agreement, hire purchase agreement, enactment, and insurance distribution activity.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

cross-reference internal_cite · s. 31

Referred to by

schedule ref schedule_ref · Sch. 14 para. 16

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

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Instrument tier unavailable

Change history as published

No captured publisher history.

Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2023/29
Part: SCHEDULE 14
Version: 86372fb4e615f9918e757dfa…
Content hash: sha256 f9de43bce2f4f1a44333f8bc…
Source: legislation.gov.uk/ukpga/2023/29