Regulated financial services activity
(1) A contract between a consumer and a trader where -
(a) the contract is entered into by the trader in the course of carrying on a regulated financial services activity, and
(b) the trader is authorised to carry on that activity.
(2) In sub-paragraph (1)(a), a regulated financial services activity means -
(a) a regulated activity for the purposes of section 19 of the Financial Services and Markets Act 2000;
(b) a payment service within the meaning of regulation 2(1) of the Payment Services Regulations 2017 (S.I. 2017/752);
(c) the issue of electronic money.
(3) For the purposes of sub-paragraph (1)(b), a person is authorised to carry on a regulated financial services activity if -
(a) the person is an authorised person in relation to the activity for the purposes of section 19 of the Financial Services and Markets Act 2000;
(b) the person is exempt from the general prohibition in relation to the activity under section 39(1) of that
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