Consumer Credit Bill

moved Amendment No. 33:"Page 37, line 36, after ““unless”” insert—" ““(a)   the change in circumstances is significant and not in the ordinary course of the business; or (b)””    The noble Lord said: This probing amendment relates to the obligations placed in the Bill on each holder of a consumer credit licence to inform the OFT of any changes in circumstances at all to the information supplied in relation to its application and would limit such obligation to information that is significant and not in the ordinary course of business. I reiterate my declaration of interest as a director and controlling holder of a small business which holds a consumer credit licence. Very many relatively small businesses, like my own, which offer credit arrangements only as a very peripheral aspect of their business—indeed, offer only credit that is actually supplied by a third party—are, nevertheless, required to hold a consumer credit licence. They will have little understanding of what information will be required to be notified. Apparently, at the moment, any and all trading information, however trivial, is encompassed: the appointment of a new junior member of staff, the introduction of a new sub-category of product, or a new website. It is also important to bear in mind that while there is a right of appeal in areas such as a dispute between a lender and a consumer about a credit agreement, there is no right of appeal against any decisions made by the OFT under its information gathering powers. I suspect, and hope, that my concern as regards the amendment is not intended. I look forward to the Minister’s explanation of what is intended. I beg to move.