Clause 44 - Provision of information etc. by applicants
Consumer Credit Bill
12:00 pm
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
The information provisions in the Bill give the OFT improved powers to obtain the information that it needs to assess and monitor fitness. The clause deals with the information that the OFT may require from licence applicants. The OFT will issue general notices to specify the information and documents that must accompany initial applications.
In the course of considering the application, it will also be able to request further relevant information from the applicants. The type of standard information required by it may change from time to time. For example, the OFT may decide that in future all applicants should submit evidence of their complaints procedure. It is possible that a change in the required information could happen while an application is being processed. If that is the case, the applicant would have to provide the extra information required by the OFT’s general notice.
I have covered the changes in the OFT’s information requirements. The next part of the clause deals with changes to the information provided by applicants. It is important that the OFT works on up-to-date information; for example, when assessing whether an applicant is fit to hold a licence. Therefore, if information submitted by an applicant changes between application and determination, they must inform the OFT within 28 days of the change occurring. If the applicant becomes aware of any errors in the information submitted, they must inform the OFT within 28 days of the error coming to light.
However, the Government do not want applicants to have to notify the OFT of every comma in the wrong place. That would be time consuming for the applicant and a waste of resources for the OFT. Therefore, an applicant is not required to notify the OFT of clerical errors or omissions that do not affect the substance of the document. Also, the applicant does not need to notify the OFT of anything they are required to give notification of for the public register under section 36 of the 1974 Act. Taken together, the provisions mean that the OFT will be able to assess applicants on the basis of up-to-date and comparable information.