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Consumer Credit Bill

The hon. Gentleman raises a fair question and if he lets me progress in my speech, I hope that I can answer that. The OFT would perform this role through its fitness guidance. That approach will allow the OFT to provide business with an indication of what types of conduct are considered ““irresponsible lending practices””. Businesses would therefore have some guidance on what they ought to avoid, while not being discouraged from seeking out new ways of addressing customer demand. That will be backed by a sanction available to the OFT of reviewing a lender’s fitness to hold a licence if the lender engages in such practices.