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Consumer Credit Bill

There is much merit in what the Minister says, except for the fact that we are always concerned that too many Bills are essentially shells. We are asked to take it on trust that the elements that fill them out will be as described. Although the Minister is an honourable man, it is always our concern to ensure that we understand that issue, which is the essence of my concern in this case. As the Minister will know, widespread concern has been expressed throughout the industry about the timetable for the implementation of the Bill. Indeed, the Minister made that point at the end of his opening remarks. We recognise the fact that the Department of Trade and Industry has recently published an indicative timetable—not a final one—for the secondary legislation, guidance and consultation and that the industry welcomes that clarification. Detail is essential not least to allow lenders to reconfigure IT systems, so that they can fully comply with the new legislation. For example, APACS has noted that, in its experience, the design, building and testing of IT systems can take 18 months from regulatory certainty to full implementation. Given the Government’s record on botched IT projects, I hope that the Minister will have sympathy with the industry’s concerns during the implementation programme and that he will be able to respond accordingly. Finally, good progress was made on the Bill in another place. It is fair to say that we welcome the careful consideration that the Lords have given to the Bill. I trust that we will indeed have a useful debate today, and I look forward to hearing the Minister’s detailed responses to the questions that I have had the opportunity to touch on today.