|
DTI is in the early stages of
planning the implementation of the Consumer Credit Bill, pending
Royal Assent.
We are in continuing discussions
with stakeholders on all aspects of the Bill, including
implementation, and we will continue to consult. In
particular, we will work with stakeholders to develop a workable
timetable for implementation, although the timetable cannot be
finalised while the Bill is still being considered by Parliament.
Better Regulation
DTI is committed to better
regulation and is at the forefront of the Government’s drive to
reduce red tape and burdens on business, while retaining important
protections for consumers.
More information about this
Whitehall-wide agenda can be found at the Better Regulation
Executive website
www.betterregulation.gov.uk and about better regulation at DTI
at
www.dti.gov.uk/ewt/betterregulation.htm.
In preparing secondary legislation – or statutory instruments -
under the new Consumer Credit Act, DTI will abide by the Better
Regulation Taskforce’s five Principles of Good Regulation.
The Principles are a toolkit for measuring and improving the quality
of regulation and its enforcement.
In keeping with these Principles, we are working to ensure that the
statutory instruments we prepare for the new Consumer Credit Act
are:
- proportionate: so that
the requirements on business are in proportion to the improvements
being sought, and that the wide diversity of consumer credit
businesses can comply with the regulations in a cost-effective
way, without complex and detailed sector-specific requirements and
exceptions;
- accountable: to ensure
that the requirements respond to consumer need and business
practice, and that they are flexible and can change according to
changing circumstances;
- consistent: to ensure
that the requirements apply consistently to all consumer credit
businesses and provide consumers with the same degree of
protection, and that the regulation is consistent with other
Government initiatives;
- transparent: to ensure
that those affected are consulted before regulation is finalised,
and that businesses can understand and comply with the new
requirements; and
- targeted: to ensure that
the requirements address those areas where regulation is needed,
without imposing unnecessary burdens.
More information about the
Taskforce’s Principles of Good Regulation can be found at:
www.brc.gov.uk/publications/principlesentry.asp
In addition, our planning is
proceeding on the basis that:
• the Bill should be implemented as soon as is practicable;
• we will ensure relevant guidance is published at least three
months before the in-force date, to give business and those
affected time to understand what they will need to do to comply
and adjust to it; and
• in relation to those areas affecting business, we will adhere to
the DTI's Common Commencement Dates for regulation, where
appropriate. This means that requirements where business
must comply will be brought into force on one of two dates in the
year, 6 April or 1 October.
More information about the DTI’s
Common Commencement Dates can be found at:
www.dti.gov.uk/ewt/common_comence5.htm.
We will continue to engage with all interested stakeholders as the
timetable for implementation is developed. More information
will be posted on this page as it becomes available.
|
