Clause 62 - Monitoring of businesses by OFT
Consumer Credit Bill
Public Bill Committees, 28 June 2005, 5:30 pm
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
I know that the monitoring of businesses by the OFT has been of concern to some hon. Members. The clause imposes a general duty on the OFT to monitor businesses being carried out under licence.
The clause amends section 1 of the 1974 Act, which sets out the OFT's general functions. That means that the OFT will have a clear and ongoing duty to monitor the fitness of licensees. The OFT will be able to take a risk-based approach. Those business sectors that pose a higher risk to consumers will be subject to more intensive monitoring. The OFT will use the information-gathering powers in the Bill to fulfil the duty to monitor licences. That will result in better protection for consumers and more effective use of OFT resources. I hope that the Committee will support the clause.
Question put and agreed to.
Clause 62 ordered to stand part of the Bill.
Clauses 63 to 69 ordered to stand part of the Bill.