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S.C.D.
Amendment Paper as at
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(a) | preventing a named person from being an employee of a person carrying on activities under the authorisation, or restricting the activities he may engage in as an employee of such a person; or |
(b) | preventing a named person from doing something, or restricting his doing something, in connection with activities being carried on by a person under the authorisation; |
(c) | securing that access to premises is given to officers of the OFT for the purpose of enabling them to inspect documents or to observe the carrying on of activities.'. |
Mr Gerry Sutcliffe
20
Clause 34, page 28, line 40, after 'fit', insert (subject to subsection (1E))'.
Mr Gerry Sutcliffe
21
Clause 34, page 29, line 4, at end insert'(1E) Where a licence which has effect indefinitely is to be varied under section 30 or 31 for the purpose of limiting the licence's duration, the variation shall provide for the licence to expire
(a) | in the case of a variation under section 30, at the end of such period from the time of the variation as is set out in the application for the variation; or |
(b) | in the case of a variation under section 31, at the end of such period from the time of the variation as the OFT thinks fit; |
Mr Gerry Sutcliffe
22
Clause 34, page 29, line 13, leave out '(1D)' and insert '(1E)'.
Charles Hendry
Michael Fabricant
16
Clause 38, page 31, line 32, leave out subsection (1) and insert'(1) This section applies where the OFT has reasonable grounds for believing that a licensee or an associate or a former associate of a licensee
(a) | has engaged in conduct which breaches any provision of or under the 1974 Act; |
(b) | is engaging in such conduct; or |
(c) | is likely to engage in such conduct.'. |
Mr Gerry Sutcliffe
23
Clause 43, page 34, line 39, leave out from beginning to '(particulars' in line 5 on page 35 and insert'( ) In section 35(1) of the 1974 Act'.
Norman Lamb
36
Clause 52, page 44, line 8, leave out from first 'is' to 'it' in line 10 and insert 'either
(a) | satisfied that a person (the "defaulter") has failed or is failing to comply with a requirement imposed on him by virtue of section 33A, 33B or 36A, or |
(b) | dissatisfied with the conduct of the licensee,'. |
Norman Lamb
37
Clause 52, page 44, line 20, leave out '£50,000' and insert '10 per cent. of the licensee's gross annual turnover in the year in which the fine is imposed'.
Charles Hendry
Michael Fabricant
35
Clause 52, page 44, line 20, at end insert'(3A) The amount specified in subsection (3) shall be reviewed by the Secretary of State within five years of the passing of this Act, and thereafter at five year intervals.
(3B) The Secretary of State may, by regulation, amend the amount specified in subsection (3) following a review in accordance with subsection (3A).'.
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)'.
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'.
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 |
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'.
Mr Gerry Sutcliffe
30
Schedule 4, page 69, line 38, at end insert
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.'.
Charles Hendry
Michael Fabricant
NC1
To move the following Clause:
"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.".'. |
Charles Hendry
Michael Fabricant
NC2
To move the following Clause:
"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.".'.
Charles Hendry
Michael Fabricant
NC3
To move the following Clause:'(1) It shall be an offence to give a person an application form for a credit-token unless he has specifically requested it.
(2) To comply with subsection (1), a request must be made by the applicant by way of
(a) | a document signed by that person; |
(b) | a recorded telephone call by that person to the person or company offering the credit-token; or |
(c) | an electronic form of communication, the origin of which can be authenticated. |
(3) Any approach to a person offering a credit-token application must include a full statement of the legal liabilities and responsibilities associated with such a token.'.
Charles Hendry
Michael Fabricant
NC4
To move the following Clause:'(1) It shall be the responsibility of a lender to ensure that any increase in a credit limit made on an unsolicited basis to a debtor is reasonable and affordable, before agreeing any such increases with a debtor.
(2) It shall be the responsibility of a lender to ensure that any increase in a credit limit has the written agreement of a debtor before any such increase is granted.
(3) Any lender who fails to meet the requirements set out in subsections (2) and (3) shall be subject to penalties to be determined by regulation.'.
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©Parliamentary copyright 2005 | Prepared 28 Jun 2005 |