Clause 24 - Debt administration etc.
Consumer Credit Bill
10:00 am
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
Again, the hon. Gentleman raises perfectly fair questions. They will be dealt with as we discuss the clauses and consider the powers and responsibilities of the OFT. The fitness test will certainly apply. The general principle that applies to most financial services applies in these circumstances. The detailed issues about the powers and the specific roles of the OFT and the Consumer Credit Appeals Tribunal will become clearer. The OFT has the power to revoke licences, and the procedures are the same for licence holders, including the right of appeal. We shall go through that in more detail as we discuss later clauses.