SCHEDULES
F1SCHEDULE 1AFurther provision about the consumer financial education body
Part 2Funding
Funding of the relevant costs by consumer credit licensees etc
13
1
For the purpose of meeting a proportion of the relevant costs the OFT may, with the approval of the Secretary of State and the Treasury, from time to time require—
a
qualifying consumer credit licensees or applicants, or
b
any specified class of qualifying consumer credit licensee or applicant,
to pay to the OFT specified amounts or amounts calculated in a specified way.
2
The requirements are to be imposed by general notice.
3
“Qualifying consumer credit licensee or applicant” means—
a
a licensee under a licence which covers to any extent the carrying on of a type of business specified in an order under section 226A(2)(e); or
b
an applicant for a licence, or for the renewal of a licence, which (if granted or renewed) will fall within paragraph (a) above.
4
Before giving a general notice the OFT must have regard to other anticipated sources of funding of the relevant costs.
5
Before giving a general notice, the OFT must consult—
a
the F2FCA;
b
the consumer financial education body; and
c
such other persons (if any) as the OFT considers appropriate.
6
The amounts to be paid under a general notice may include a component to cover the expenses of the OFT in collecting the payments (“collection costs”).
7
The OFT must pay to the consumer financial education body the amounts that it receives under a general notice apart from amounts in respect of its collection costs (which it may keep).
8
A general notice may—
a
specify the time at or by which the payments are to be made;
b
provide for exceptions from requirements imposed on a class of qualifying consumer credit licensee or applicant;
c
impose different requirements on different classes of qualifying consumer credit licensee or applicant;
d
make provision for refunds in specified circumstances.
9
Expressions which are used in sub-paragraph (3) and in the Consumer Credit Act 1974 have the same meaning in that sub-paragraph as in that Act.
10
In this paragraph—
“general notice” means a notice published by the OFT at a time and in a manner appearing to it suitable for securing that the notice is seen within a reasonable time by persons likely to be affected by it;
“the OFT” means the Office of Fair Trading;
“specified” means specified in the general notice.
Sch. 1A inserted (8.4.2010 for certain purposes and 1.4.2011 otherwise) by Financial Services Act 2010 (c. 28), ss. 2(6), 26(1)(b)(k), Sch. 1 para. 1 (with Sch. 1 para. 2); S.I. 2010/2480, art. 3