Where legislation does not apply

The legislation does not apply to the following forms of lending:

First charge mortgages

Which are regulated by the FCA under its MCOB (Mortgages and Home Finance Conduct of Business) rules.

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The sale of General Insurance

Which is regulated by the FCA under its ICOBS (Insurance Conduct of Business) rules.

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Lending to “high net worth individuals”

Lending to “high net worth individuals” (those with a net income of £150,000 or net assets of £500,000) who can opt whether or not to have the protection of the legislation in relation to loans which exceed £60,260.

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