Clause 54 - Statement of policy in relation to civil penalties
Consumer Credit Bill
4:45 pm
Charles Hendry (Shadow Minister, Trade & Industry; Wealden, Conservative)
The guidance note from the OFT states that the draft Bill requires that as soon as practicable after the commencement of the relevant provisions the OFT will prepare and publish a statement of policy on the imposition of penalties under proposed new section 39A of the Consumer Credit Act 1974 and the determination of the amount of such penalties. When does the Minister envisage that that will be published? Clearly, the question of when is as soon as practicable and will be a matter of importance to those people who need to understand the full force of the Bill before they can comply with it.
How often would the Minister expect the statement of policy to be revised, and how would he expect it to be publicised? Would it be sufficient for revisions to be sent to all licensees, or would an advertisement have to be put in certain publications? Would further action be needed to ensure that those who needed to know of changes were informed about them?