(1) Paragraph (2) applies in relation to an agreement or proposed agreement where -

(a) if made before 21st March 2016, the agreement would be a regulated consumer credit agreement;

(b) if made on or after 21st March 2016, the agreement would not be a regulated consumer credit agreement;

(c) neither the creditor nor any credit-broker has acted in compliance or in purported compliance with any provision of Part 5 of the Consumer Credit Act 1974, or regulations made under that Part, in relation to the agreement or proposed agreement; and

(d) before 21st March 2016, the creditor or any credit-broker acts in compliance or in purported compliance with rules made by the FCA that would apply in relation to the agreement or proposed agreement from 21st March 2016.

(2) From the date on which the creditor or any credit-broker first acts in compliance or purported compliance with such rules, the Consumer Credit Act 1974 applies in relation to the agreement or proposed agreement as if the amendments to legislation made by paragraphs 2 and 4 of Schedule 1 (amendments to the Consumer Credit Act 1974 and the Regulated Activities Order) had come into force.

(3) In this article -