New Clause 5 - Regulatory impact
Consumer Credit Bill
4:45 pm
'(1) The Office of Fair Trading (OFT) will report to the Secretary of State and to Parliament annually on the impact of its monitoring of businesses being carried on under licences and its determinations to issue, renew or vary a licence under the provisions of this Act.
(2) The Secretary of State will after a period of no more than five years, consult on and publish an assessment of the impact the Act has had in terms of regulatory burden and harmonisation with European Directives.'.
—[Malcolm Bruce.]
Brought up, and read the First time.