Clause 52 - POWER OF OFT TO IMPOSE CIVIL PENALTIES
Consumer Credit Bill
10:30 am
Mr Malcolm Bruce (Shadow Secretary of State for Trade & Industry, Trade & Industry; Gordon, Liberal Democrat)
The amendment is appropriate and should be debated. Does the hon. Gentleman agree that the problem with the Bill is that there are two sanctions? One is a fine of up to £50,000 and the other is the cancellation or withdrawal of the licence. The trouble is that that is a nuclear option for the very large companies for which a £50,000 fine would not be a deterrent. It is incumbent on the Minister to explain how he would deal with the gap between a large fine and the withdrawal of a licence.