PART 1Financial Guidance etc

Objectives and functions of the single financial guidance body

7Debt respite scheme: regulations

1

As soon as reasonably practicable after receiving advice from the single financial guidance body under section 6, the Secretary of State must consider whether to make regulations under this section.

2

After receiving advice from the single financial guidance body under section 6, the Secretary of State may make regulations establishing a debt respite scheme.

3

The regulations must take the advice into account.

4

The regulations may provide for the scheme to apply—

a

in England only,

b

in England and Wales,

c

in England and Northern Ireland, or

d

in England, Wales and Northern Ireland.

5

Regulations under this section may—

a

make different provision for different purposes,

b

make different provision for different areas,

c

make incidental, supplemental, consequential, transitional or saving provision, and

d

apply to obligations entered into, or debts due to be repaid, before the regulations come into force.

6

Provision under subsection (5)(c) may amend any provision made by or under—

a

an Act of Parliament,

b

in the case where the regulations provide for the scheme to apply in Wales, a Measure or Act of the National Assembly for Wales, and

c

in the case where the regulations provide for the scheme to apply in Northern Ireland, Northern Ireland legislation.

7

Regulations under this section are to be made by statutory instrument.

8

An instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of —

a

each House of Parliament,

b

in the case where the regulations provide for the scheme to apply in Wales, the National Assembly for Wales, and

c

in the case where the regulations provide for the scheme to apply in Northern Ireland, the Northern Ireland Assembly.