Select Committee on Regulatory Reform Third Report

7  Assessment of the draft Order

34.  The proposals in the draft Order arise from inadequate assessment of the impact of amendments to the Consumer Credit Act 1974 made by the Consumer Credit Act 2006. Since the issue of minimising regulatory burdens has been high on the political agenda for some time, it is regrettable that this situation has arisen in connection with such recent legislation. It seems to us that the reasons behind the 'corrective' measures under consideration should have been spotted during the passage of the 2006 Act in at least two of the three cases.

35.  Having said that, we believe under the circumstances that the proposals in the draft Order are appropriate and necessary and, in themselves, suited to the legislative reform order process. As the Explanatory Document says:

"The proposals [are] corrective measures which aim to achieve the original policy intentions behind these provisions. They are relatively minor and straight forward technical changes to the 1974 Act which clarify the position and will be of benefit to both industry and consumers".[25]

25   ED, p9, para33. Back

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