Amendments to the 1974 Act7

1

The 1974 Act is amended as follows.

2

In section 49 (prohibition of canvassing debtor-creditor agreements off trade premises) M1 for “OFT” in each place substitute “ FCA ”.

3

In section 60 (form and content of agreements) M2—

a

in subsection (1)—

i

for “Secretary of State” in each place substitute “ Treasury ”;

ii

for “him” in the first place it occurs substitute “ them ”;

b

in subsection (3), for “OFT” in each place substitute “ FCA ”;

c

in subsection (4), for “OFT” substitute “ FCA ”.

4

In section 64(4) (duty to give notice of cancellation rights) M3, for “OFT” in each place substitute “ FCA ”.

5

In section 74(3) (exclusion of certain agreements from Part 5) M4, for “OFT” in each place substitute “ FCA ”.

6

In the heading of section 86A (OFT to prepare information sheets on arrears and default) M5, for “OFT” substitute “ FCA ”.

7

In section 86A—

a

in subsection (1), for “OFT shall prepare, and give general notice of,” substitute “ FCA shall prepare and issue ”;

b

in subsection (5), for “general notice of it is given” substitute “ it is issued ”;

c

for subsection (6), substitute—

6

If the FCA revises an information sheet after it has been issued, it shall issue the revised information sheet.

d

in subsection (7), for “general notice of it is given” substitute “ it is issued ”.

8

In section 101 (right to terminate hire agreement) M6—

a

in subsection (8)—

i

for “OFT” in each place substitute “ FCA ”;

ii

omit “by notice to the applicant”;

b

in subsection (8A)—

i

for “OFT” substitute “ FCA ”;

ii

omit “by general notice”.

9

In section 113(2) (Act not to be evaded by use of security) M7, for “OFT” substitute “ FCA ”.

10

In section 123(6) (restrictions on taking and negotiating instruments), for “Secretary of State” substitute “ Treasury ”.

11

In section 159(8)(a) (correction of wrong information) M8, for “OFT” substitute “ FCA ”.

12

In section 160 (alternative procedure for business consumers) M9, for “OFT” in each place substitute “ FCA ”.

13

In section 161 (enforcement authorities) M10, in subsection (3), for “OFT” substitute “ FCA ”.

14

In the heading of section 166 (notification of convictions and judgments to OFT) M11, for “OFT” substitute “ FCA ”.

15

In section 166(a)—

a

for “OFT under” substitute “ FCA under the Financial Services and Markets Act 2000 or ”;

b

for “OFT's” substitute “FCA's”.

16

In section 170 (no further sanctions for breach of Act) M12—

a

in subsection (1), after “except to the extent (if any) expressly provided for by or under this Act” insert “ or by or under the Financial Services and Markets Act 2000 by virtue of an order made under section 107 of the Financial Services Act 2012 ”;

b

in subsection (2), for “OFT” substitute “ FCA ”.

17

In section 178 (local Acts), for “Secretary of State” in each place substitute “ Treasury ”.

18

In section 181(1) (power to alter monetary limits etc.) M13, for “Secretary of State” substitute “ Treasury ”.

19

In section 182 (regulations and orders) M14, for “Secretary of State” in each place substitute “ Treasury ”.

20

In section 183 (determinations etc. by the OFT) M15—

a

in the heading, for “OFT” substitute “ FCA ”;

b

in subsection (1), for “OFT” substitute “ FCA ”.

21

In section 188(4) (examples of use of new terminology), for “Secretary of State” substitute “ Treasury ”.

22

In section 189 (definitions) M16—

a

in subsection (1)—

i

after the definition of “exempt agreement” insert—

“FCA” means the Financial Conduct Authority;

ii

omit the definition of “general notice”;

iii

omit the definition of “OFT”;

iv

in the definition of “regulations”, for “Secretary of State” substitute “ Treasury ”;

b

in subsection (5), for “OFT” in each place substitute “ FCA ”.