The Consumer Credit (Total Charge for Credit) (Amendment) Regulations 2012 (revoked)

ReviewU.K.

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7.—(1) Before the end of each review period, the Secretary of State must—

(a)carry out a review of regulations 3 and 4,

(b)set out the conclusions of the review in a report, and

(c)lay the report before Parliament.

(2) In carrying out the review the Secretary of State must, so far as is reasonable, have regard to how the Annex to the EU Directive (which is implemented by means of regulations 3 and 4) has been implemented in other member States.

(3) The report must in particular—

(a)set out the objectives intended to be achieved by those regulations,

(b)assess the extent to which those objectives are achieved, and

(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.

(4) “Review period” means—

(a)the period of five years beginning with the day on which regulations 3 and 4 come into force, and

(b)subject to paragraph (5), each successive period of five years.

(5) If a report under this regulation is laid before Parliament before the last day of the review period to which it relates, the following review period is to begin with the day on which that report is laid.