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The Fraud Act 2006 received Royal Assent on 9 November 2006, and will come into force in due course as commencement orders are made. The new Fraud Act will provide for a general offence of fraud, which will be committed either by making a false representation, failing to disclose information or by abuse of position. It will also create new offences of obtaining services dishonestly and of possessing, making and supplying articles for use in frauds. It will create a similar offence of defrauding creditors applicable to non-corporate businesses as currently applies to companies (see CLM ¶2577). It will also amend the Companies Act 1985 to increase the maximum prison term for defrauding creditors from 7 to 10 years (this is a change that will be reflected in the new Companies Act as well, s 960 CA 2006).
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Fraud Act 2006 receives Royal Assent |
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Legislative and Regulatory Reform Act 2006 receives Royal Assent |
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As part of the government’s “Better Regulation” plan, the Legislative and Regulatory Reform Act 2006 will give ministers the power to reduce the burden of legislation, whether in terms of financial cost, administrative inconvenience, obstacles to efficiency, productivity or profitability, or sanctions. The aim of the new law is to ensure that where regulation is necessary (e.g. to protect the rights of employees and consumers or to ensure fair competition) it is fair and user-friendly, but to prevent regulation from placing a disproportionate burden on the businesses and organisations having to comply with it. It is anticipated that the new law will remove out-of-date and unnecessary “red tape” and reduce the regulatory burden on businesses. The government is currently preparing plans setting out how it intends to use the new law. The Act will come into force on 8 January 2007. |
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LEGISLATION |