Consumer Credit Bill — 21 Mar 2006 at 15:41

moved Amendment No. 2:

After Clause 37, insert the following new clause-

"OFT'S GENERAL DUTIES

After section 1 of the 1974 Act insert-

"OFT's general duties

(1) In discharging its functions under this Act to regulate the conduct of licences, the OFT must, so far as is reasonably possible, act in a way-

(a) which is compatible with the regulatory objectives; and

(b) which the OFT considers most appropriate for the purpose of meeting those objectives.

(2) The regulatory objectives are-

(a) the protection of consumers;

(b) the promotion of an efficient and innovative consumer credit industry; and

(c) maintaining a competitive market in consumer credit.""

On Question, Whether the said amendment (No. 2) shall be agreed to?

Their Lordships divided: Contents, 132; Not-Contents, 150.

Debate in Parliament | Source |