Clause 46 - Power of OFT to require information generally
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 clause is key to ensuring that the OFT has sufficient powers to gather information so as better to monitor and enforce the licensing regime. The clause enables the OFT to require a person to provide specified information and documents at a specified time and place.
The OFT must give reasons for requiring the information and documents. It would be able to require such information or documents only if they were reasonably required for the exercise of the OFT’s functions under the legislation to undertake routine monitoring of licensees.
The OFT may also require information from third parties. To protect such third parties, the clause contains safeguards. The OFT can request information from non-licence holders only if certain acts or omissions have occurred, or if it believes that certain events have occurred. Such events must cast doubt on the fitness of a licensee, lead to a requirement being placed on the licensee or trigger a civil penalty. In the case of a group licence, the OFT must consider events that prompt questions as to whether the public interest is best served by the group licence remaining in place. Such requested information must also be reasonably required by the OFT to help it carry out its duties under the Bill. The clause ensures that there are adequate procedural safeguards for third parties.