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There was an interesting session yesterday of the Public Accounts Committee grilling the OFT on the effectiveness (for effectiveness read hopelessness) of consumer credit regulation.
It emerged that the OFT only spend the amount that they receive in consumer credit licenses on consumer credit regulation (£11.5) and that massive companies such as Mastercard only pay a one-off fee of £1000 for a license.
Full marks to Margaret Hodge MP and the committee for laying into the OFT Chief Executive so strongly.
You can watch the session here http://www.parliamentlive.tv/Main/Pl...eetingId=12370
It emerged that the OFT only spend the amount that they receive in consumer credit licenses on consumer credit regulation (£11.5) and that massive companies such as Mastercard only pay a one-off fee of £1000 for a license.
Full marks to Margaret Hodge MP and the committee for laying into the OFT Chief Executive so strongly.
You can watch the session here http://www.parliamentlive.tv/Main/Pl...eetingId=12370
