(1) In these Regulations -

"annual percentage rate of charge" in relation to a credit agreement means the total cost of the credit to the consumer (including, where applicable, the costs referred to in Regulation 22(2) and (3)), expressed as an annual percentage of the total amount of credit;

"Benchmarks Regulation" means Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 [OJ No. L 171, 29.6.2016, p.1];

"borrowing rate" in relation to a credit agreement means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down;

"consumer" means a natural person who is acting, in the course of a transaction to which these Regulations apply, for purposes outside his or her trade, business or profession;

"contravene" includes fail to comply with;