§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry (1) what proposals he has for reviewing publication of decisions by the Office of Fair Trading that it is minded to revoke licences as moneylenders and for speeding up the procedure of revocation; and if he will make a statement;
(2) when he asked the Office of Fair Trading to investigate the affairs of Richard Murtagh and Co. and its related companies; when that investigation was completed; when the firms were put out of business and their licences revoked; how many homeowners took out home income schemes with the companies; what interest rates were charged; and if he will make a statement.
§ Mr. ForthConsumer credit licensing is a matter for the Director General of Fair Trading and I will ask him to write to the hon. Gentleman as soon as possible.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry whether, in the light of the statement by the Director General of Fair Trading that the practices of Richard Murtagh and Co. and its associated companies were deceitful, oppressive or otherwise unfair or improper but not illegal, he has any proposals for preventing such practices in future; and if he will make a statement.
§ Mr. ForthMy right hon. Friend has no such proposals. Under the Consumer Credit Act 1974 the Director General of Fair Trading has the power to revoke the licence of any trader who engages in business practices which are deceitful, oppressive or otherwise unfair or improper.