Clause 54 - Statement of policy in relation to civil penalties
Consumer Credit Bill
4:45 pm
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
Clause 52 means that licence holders who do not comply with requirements placed on them by the OFT will face civil penalties. Clause 54 requires the OFT to prepare and publish a statement of policy, setting out how it will impose those penalties and the determination of amounts. The statement must be approved by the Secretary of State before it can be published and before any penalties can be imposed. The OFT must publish the statement, so that it comes to the attention of the people who might be affected. The clause requires the OFT to consult interested parties on the preparation or revision of the statement, and the OFT must publish the most recent version.
The clause means that the OFT must also have regard to the statement of policy when issuing penalties. It prevents the OFT from issuing a penalty to a licensee before the statement is published.