Legislative Reform (Consumer Credit) Order 2008

My Lords, this is clearly an important order. The orders that come to us in this way are always highly technical; however, they raise very serious and important issues. It is important to see how buy-to-let lending, which was always intended to be excluded under the framework of the consumer credit legislation, will be dealt with. It is slightly less important, although nevertheless important for the lending community, to have clarification of what they need to do on the giving of statements for fixed-sum credit agreements. A technical matter, but one which is very important for the industry, is that there should be a clear definition of how payments for the purposes of issuing notices of sums in arrears are determined. While I feel the heavy weight of the chairman of the Delegated Powers Committee behind me—the Minister has also sat on that committee—I must say that these issues should be dealt with by affirmative order. We cannot amend but we can scrutinise and it is very important that such issues are dealt with in that way. Also, I suggest—looking nervously at the Box—that an affirmative order concentrates the mind of those who draft these regulations to ensure that they are effective. This is a very good example of complex issues and I fear that despite the elevation of the noble Lord, Lord Brett, he will not appear on the ““Today”” programme tomorrow morning. Nevertheless, the regulations are very important for the industry. The combination of consultation and concentration on the affirmative order have produced regulations that I can support.