| Previous Section | Index | Home Page |
Amendment made: No. 19, in page 25, line 20, leave out subsections (8) and (9) and insert—
'(8) The procedures set out in subsections (6) and (7) shall be carried out concurrently with the OFT's consideration of whether it should take the step falling within subsection (2).
(9) Accordingly, the OFT's determination of any application of the licensee shall be made at the same time as its determination to take the step falling within subsection (2).
(10) If an appeal lies from the determination of that application, the step falling within subsection (2) shall not be taken before the end of the appeal period in relation to that application and, in the case of a step falling within subsection (2)(a) or (b), section 29(4) shall apply accordingly.'.— [Mr. Sutcliffe.]
Amendment made: No. 14, in page 26, line 10, leave out subsections (1) to (5) and insert—
'(1) Where—
(a) a consumer credit EEA firm makes an application for a standard licence, and
3 Mar 2005 : Column 1165
(b) the activities covered by the application are all permitted activities,
the OFT shall refuse the application.
(2) Subsection (3) applies where—
(a) a consumer credit EEA firm makes an application for a standard licence, and
(b) some (but not all) of the activities covered by the application are permitted activities.
(3) In order to be entitled to be issued with a standard licence in accordance with section 25(1) to (1AB) in relation to a type of business, the firm need not satisfy the OFT that it is a fit person to carry on that type of business so far as it would involve any of the permitted activities covered by the application.
(4) A standard licence held by a consumer credit EEA firm does not at any time authorise the carrying on of an activity which is a permitted activity at that time.'. —[Mr. Sutcliffe.]
Amendment made: No. 15, in page 29, line 15, leave out from 'on' to end of line 16 and insert
'such day as may be determined in accordance with provision made by regulations.'.—[Mr. Sutcliffe.]
Amendments made: No. 16, in page 29, line 34, leave out from 'made' to end of line 35 and insert—
'before such day as may be determined in accordance with provision made by the OFT by general notice'.
No. 17, in page 30, line 6, leave out subsection (5). —[Mr. Sutcliffe.]
Amendment made: No. 18, in page 44, leave out lines 12 to 17 and insert—
'rate for the time being specified in section 17 of the Judgments Act 1838.'.—[Mr. Sutcliffe.]
Schedule 1
Amendment made: No. 20, in page 57, line 45, at end insert—
'(4A) Where—
(a) the Tribunal disposes of an appeal against a determination to take a step falling within section 34A(2) of this Act, and
(b) at the time it made that determination, the OFT also determined an application under section 34A(6) in relation to that step,
the Tribunal may do one or more of the things mentioned in sub-paragraph (2)(a) to (e) in relation to the determination of the application.
(4B) The Tribunal—
(a) may exercise its power under sub-paragraph (4A) even if no appeal has been made against the determination of the application under section 34A(6); and
3 Mar 2005 : Column 1166
(b) in a case where such an appeal has been made, may exercise that power instead of disposing of the appeal.'.—[Mr. Sutcliffe.]
4.10 pm
Mr. Sutcliffe: I beg to move, That the Bill be now read the Third time.
I would like to return briefly to the consumer credit White Paper, in which we said:
"We want a modern framework that encourages and rewards vigorous competition, innovation, choice and enterprise, while stamping out irresponsible and unfair lending practices."
I hope that hon. Members agree that the Government have produced a Bill that not only fulfils those commitments but in many cases goes beyond them. It is the keystone of the most ambitious reform of consumer credit legislation since the Consumer Credit Act 1974 was introduced. Its passage through the House has justified the Government's position on all counts. I would like to thank hon. Members from all parts of the House for their contributions. In particular, I am grateful to the hon. Member for Bournemouth, West (Sir John Butterfill) and my hon. Friend the Member for Bootle (Mr. Benton) for their effective joint chairmanship of the Committee. I am also grateful to the hon. Members for Tewkesbury (Mr. Robertson) and for Gordon (Malcolm Bruce), as well as everyone else who served on the Committee.
I am extremely encouraged by the support that the Bill has received from consumer groups, the industry and Members from all parts of the House. That support is reflected in the speed with which it has progressed through Parliament. Second Reading provided an insight into problems experienced by both consumers and the industry. In Committee, we had discussions of more specific and detailed concerns. In our final debate, I would like to conclude discussion on matters of particular interest, including unfair credit relationships. Hon. Members will recall the extreme care that I took in explaining the concept of unfairness.
Chris Bryant: The Minister took excessive care.
Mr. Sutcliffe: Indeed. I have no intention of being drawn back to that point. The Government have addressed the issue with extreme sensitivity. We have considered extensive arguments made by people across the sector, and I believe that the Bill provides an effective solution. Hon. Members are well aware that the market has evolved quickly and know that it will continue to do so. We cannot predict future market changes, nor should we. The Government's solution provides comprehensive and flexible protection for consumers and for the industry both now and in the future.
We must ask ourselves some critical questions. Should the body that enforces the Consumer Credit Act have the power to investigate wrongdoing? Should consumers be able to operate confidently in the market, safe in the knowledge that they are dealing with responsible lenders? The answer to both questions is obviously yes.
| Next Section | Index | Home Page |