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)
This morning we became involved in definitions of reasonableness, responsibleness and unfairness. I should hope that the OFT would operate within its service agreements to get the required information speedily to the relevant stakeholders. There would be an onus on it to do so, because it could not impose penalties unless it had done so; it would be in its interest to do it, in so far as it was reasonably practicable. It would be done in the same way as the OFT operates when it ensures that stakeholders are made aware of the variety of methods of regulation and development.
I hope that the hon. Gentleman will accept that, and understand why the statement is necessary. All applicants will have the statement brought to their attention, and it will be available through the OFT website. I am sure that the hon. Gentleman will be pleased about that. The OFT will undertake publicity before the new provisions come into force, so that existing licensees will understand the new provisions and know where to find out more. They will be revised when necessary.
Question put and agreed to.
Clause 54 ordered to stand part of the Bill.