Clause 3 - Exemption relating to high net worth debtors and hirers
Consumer Credit Bill
9:25 am
Mr Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations, Competition and Consumers), Department of Trade and Industry; Bradford South, Labour)
I welcome the spirit in which the hon. Member for Tewkesbury has moved amendment No. 9 and spoken to amendment No. 10, though there may be drafting difficulties to overcome before he hits the target he is aiming at. It is important to explain what we are trying to achieve with the clause, and the amendments will help us to do that.
Amendment No. 9 seeks to prevent statements of high net worth from being made by any person who has a connection by way of pecuniary interest to the lender. The amendment prevents the statement from being given by anyone who is employed by the borrower or who otherwise works for him or her for financial reward. It prevents the statement from being given, for example, by a lawyer or an accountant retained as an adviser by the borrower.
I cannot imagine that that is what the hon. Gentleman intends. Such professional advisers operate within strict rules of conduct.