In the Financial Services and Markets Act 2000 (Controllers)(Exemption) Order 2009 [S.I. 2009/774.], after article 6 (specific exemptions in respect of friendly societies), insert -
"Specific exemptions in respect of consumer credit
(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act [Sections 178 to 191G were substituted by S.I. 2009/534 and amended by the Financial Services Act 2012, section 26.] in relation to a person ("A") who decides to acquire, increase, reduce or cease to have control over a UK authorised person ("B") who -
(a) carries on regulated activities which are relevant credit activities, and
(b) does not carry on any other regulated activities.
(2) Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding -
(a) 33% or more of the shares in B or in a parent undertaking of B ("P
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