Amendments proposed to the Consumer Credit Bill - continued House of Commons

back to previous text

Mr Gerry Sutcliffe


Schedule     3,     page     64,     line     7,     leave out 'payable' and insert 'that are required to be paid'.


Charles Hendry
Michael Fabricant


Schedule     3,     page     65,     line     22,     after 'Act', insert 'except credit agreements where the creditor is subject to the Financial Services Ombudsman Scheme for dealing with any complaints by the debtor'.


Mr Gerry Sutcliffe


*Schedule     4,     page     69,     line     38,     at end insert—

            '(aa)   the definition of "costs";'.


Charles Hendry
Michael Fabricant


Clause     71,     page     54,     line     10,     at end insert—

    '(2A)   No such order shall be made by the Secretary of State, bringing into force sections 19 to 22, until advice and information has been published by the OFT under section 140D of the 1974 Act.'.


OFT's General Duties


Charles Hendry
Michael Fabricant


To move the following Clause:—

    'After section 1 of the 1974 Act insert—

    "1A   OFT's General Duties

    (1)   In discharging its functions under this Act to regulate the conduct of licensees, the OFT must, so far as is reasonably possible, act in a way—

      (a) which is compatible with the regulatory objectives, as set out in subsection (2); and

      (b) which the OFT considers most appropriate for the purpose of meeting those objectives.

    (2)   The regulatory objectives are—

      (a) lender confidence, to ensure the widest possible access to credit;

      (b) the protection of consumers; and

      (c) the national interest in having an efficient and innovative consumer credit sector.

    (3)   In discharging its functions to issue guidance and regulate the conduct of licensees, the OFT shall have regard to—

      (a) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

      (b) the desirability of facilitating innovation in connection with regulated activities;

      (c) the desirability of maintaining a competitive market in consumer credit in the United Kingdom; and

      (d) the need to minimise the adverse effects on competition that may arise from anything done in the discharge of its functions.".'.

OFT Guidance


Charles Hendry
Michael Fabricant


To move the following Clause:—

    'After section 183 of the 1974 Act insert—

    "183A   OFT Guidance

    (1)   No guidance is to be published under the 1974 Act without the approval of the Secretary of State.

    (2)   In preparing or revising guidance under that Act the OFT shall consult such persons as it thinks fit.".'.


That the following provisions shall apply to the Consumer Credit Bill:


    1.   The Bill shall be committed to a Standing Committee.

Proceedings in Standing Committee

    2.   Proceedings in the Standing Committee shall (so far as not previously concluded) be brought to a conclusion on Thursday 30th June 2005.

    3.   The Standing Committee shall have leave to sit twice on the first day on which it meets.

Consideration and Third Reading

    4.   Proceedings on consideration shall (so far as not previously concluded) be brought to a conclusion one hour before the moment of interruption on the day on which those proceedings are commenced.

    5.   Proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at the moment of interruption on that day.

    6.   Standing Order No. 83B (Programming committees) shall not apply to proceedings on consideration and Third Reading.

Programming of other proceedings

    7.   Any other proceedings on the Bill (including any proceedings on consideration of Lords Amendments or on any further messages from the Lords) may be programmed.

previous section contents
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries index

©Parliamentary copyright 2005
Prepared 21 Jun 2005