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

28

Schedule     1,     page     57,     line     33,     after 'limits', insert '(including the period specified for the purposes of section 41(1) of this Act)'.

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Mr Gerry Sutcliffe

27

Clause     59,     page     48,     line     25,     after 'licence', insert 'or was authorised to carry on an activity by virtue of section 34A of the Consumer Credit Act 1974'.

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Mr Gerry Sutcliffe

29

Schedule     2,     page     60,     line     41,     at end insert—

'( )	Consumer credit rules under sub-paragraph (3) may authorise the scheme operator to dispense with or modify the application of such rules in particular cases where the scheme operator—

(a)   considers it appropriate to do so; and

(b)   is satisfied that the specified conditions (if any) are met.'.

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Mr Gerry Sutcliffe

24

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

   

Charles Hendry
Michael Fabricant

18

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'.

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Mr Gerry Sutcliffe

30

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

'(aa)   the definition of "costs";'.

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Charles Hendry
Michael Fabricant

17

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 21, until advice and information has been published by the OFT under section 140D of the 1974 Act.'.

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NEW CLAUSES

OFT's General Duties

   

Charles Hendry
Michael Fabricant

NC1

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.".'.

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OFT Guidance

   

Charles Hendry
Michael Fabricant

NC2

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.".'.

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ORDER OF THE HOUSE [9TH JUNE 2005]

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

Committal

    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 d2005.

    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.

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Prepared 23 Jun 2005