Consumer Credit Act 1974

2 Powers of Secretary of State. U.K.

(1) The Secretary of State may by order—

(a) confer on the [F1 OFT] additional functions concerning the provision of credit or bailment or (in Scotland) hiring of goods to individuals, and related activities, and

(b) regulate the carrying out by the [F1 OFT] of [F2 its] functions under this Act.

(2) The Secretary of State may give general directions indicating considerations to which the [F1 OFT] should have particular regard in carrying out [F2 its] functions under this Act, and may give specific directions on any matter connected with the carrying out by the [F1 OFT] of those functions.

(3) The Secretary of State, on giving any directions under subsection (2), shall arrange for them to be published in such manner as he thinks most suitable for drawing them to the attention of interested persons.

(4) With the approval of the Secretary of State and the Treasury, the [F1 OFT ] may charge, for any service or facility provided by [F3 it] under this Act, a fee of an amount specified by general notice (the “specified fee ”).

(5) Provision may be made under subsection (4) for reduced fees, or no fees at all, to be paid for certain services or facilities by persons of a specified description, and references in this Act to the specified fee shall, in such cases, be construed accordingly.

(6) An order under subsection (1)(a) shall be made by statutory instrument and shall be of no effect unless a draft of the order has been laid before and approved by each House of Parliament.

(7) References in subsection (2) to the functions of the [F1 OFT] under this Act do not include the making of a determination to which section 41 F4 . . . (appeals from [F1 OFT] to [F5 the Tribunal]) applies.

Textual Amendments

F1 Words in s. 2 substituted (1.4.2003) by Enterprise Act 2002 (c.40), ss. 278, 279, Sch. 25 para. 6(3)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

F2 Words in s. 2(1)(b)(2) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(3)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 Word in s. 2(4) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(3)(c); S.I. 2003/766, art. 2, Sch. (with art. 3)

F4 Words in s. 2(7) repealed (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 70, 71(2), Sch. 4; S.I. 2007/3300, art. 3(2), Sch. 2

F5 Words in s. 2(7) substituted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {58(1)}, 71(2) (with Sch. 3 para. 28); S.I. 2007/3300, art. 3(2), Sch. 2