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The Consumer Credit Act 1974 (Fees) Order 2010

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2010, ISBN 9780111488621

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the House of Commons under section 102(5) of the Finance (No 2) Act 1987 for approval by the resolution of that House.

Fees And Charges

Made 2010

Coming into force 2010

The Secretary of State, being the Minister of the Crown determined by the Treasury to be the appropriate authority in relation to the powers to fix fees under sections 2(4) and 6A of the Consumer Credit Act 1974f1, makes the following Order in exercise of the powers conferred by sections 102(3) and (4) of the Finance (No. 2) Act 1987f2.

In accordance with section 102(5) of that Act a draft of this Order was laid before and approved by a resolution of the House of Commons.

Annotations to the whole text

Footnotes

f1

1974 c.39.

f2

1987 c.51.

Contents

  1. 1Citation, commencement, duration and interpretation
  2. 2Matters to be taken into account in fixing a fee to be paid under the 1974 Act
  3. Signature
  4. Explanatory note

1Citation, commencement, duration and interpretation

(1)

This Order may be cited as the Consumer Credit Act 1974 (Fees) Order 2010 and shall come into force on the day after the day on which it is made and shall cease to have effect on 31st March 2013.

(2)

In this Order—

  • “the 1974 Act” means the Consumer Credit Act 1974;

  • “the 1987 Act” means the Finance (No 2) Act 1987; and

  • “the OFT” means the Office of Fair Trading.

2Matters to be taken into account in fixing a fee to be paid under the 1974 Act

(1)

The functions referred to in this paragraph are the OFT’s functions under the 1974 Act.

(2)

The matter referred to in this paragraph is the recovery of any past deficits incurred by the OFT in carrying out any of those functions.

(3)

The matter referred to in paragraph (2) is specified for the purposes of section 102(4) of the 1987 Act as a matter which is to be taken into account in determining the costs of the functions referred to in paragraph (1) which are to be taken into account on the exercise by the OFT of the power to fix a fee under sections 2(4) and 6A of the 1974 Actf1.

Signature

[ ]

Title

Department for Business, Innovation and Skills

Date

Explanatory note

(This note is not part of the Order)

This Order specifies a matter that is to be taken into account by the Office of Fair Trading (“OFT”) when fixing the fee that is to be paid under sections 2(4) and 6A of the Consumer Credit Act 1974 (“the 1974 Act”). This Order allows the OFT to set fees for carrying out its functions under the 1974 Act, at a level which takes into account past deficits as well as current costs, until the expiry of this Order on 31st March 2013.

A full impact assessment of the effect that this instrument will have on the costs of business is available from the Consumer and Competition Policy Directorate of the Department for Business, Innovation and Skills, 1 Victoria Street, London, SW1H 0ET.