Office of Fair Trading
_(logo).png){kind=small} |
|
| Non-ministerial government department overview | |
|---|---|
| Formed | 1973 |
| Dissolved | 2014 |
| Superseding agency | |
| Jurisdiction | United Kingdom |
| Headquarters | Fleetbank House, 2-6 Salisbury Square, London, EC4Y 8JX |
| Employees | 579 |
| Annual budget | £55.843 million (2012-2013) |
| Non-ministerial government department executive |
|
| Website | www |
The Office of Fair Trading (OFT) was a not-for-profit and non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforced both consumer protection and competition law, acting as the UK's economic regulator. The OFT's goal was to make markets work well for consumers, ensuring vigorous competition between fair-dealing businesses and prohibiting unfair practices such as rogue trading, scams and cartels. Its role was modified and its powers changed with the Enterprise Act 2002.
The Department for Business Innovation and Skills (BIS) announced reforms to the UK consumer protection and competition regimes. Under the provisions of the Enterprise and Regulatory Reform Act 2013, the Competition and Markets Authority (CMA) was established on 1 April 2014 combining many of the functions of the OFT and the Competition Commission and superseding both. Regulation for the consumer credit industry passed from the OFT to the new Financial Conduct Authority (FCA) from April 2014.
The majority of the OFT’s work consisted of analysing markets, enforcing consumer and competition law, merger control, licensing and supervisory work (of consumer credit, estate agency, anti-money-laundering supervision), advocacy, delivering information, education programmes and campaigns to business and consumers.
The OFT investigated markets to see whether they were working well for consumers and customers. Where appropriate, studies led to market investigation references to the Competition Commission, to enforce action, consumer awareness campaigns or to recommendations to government, which were published.
...
Wikipedia