Office of Fair Trading

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Office of Fair Trading
OFT.jpg
Founded 1973
Headquarters UK
Web site www.oft.gov.uk
Releases Organization News

The Office of Fair Trading (OFT) is the UK's consumer and competition authority. Its mission is to make markets work well for consumers.

History

The OFT is a non-ministerial government department established by statute in 1973. It is led by a board consisting of a chairman, an executive director and five non-executive members.

In December of 2009, the OFT said it would drop an investigation into the fairness of bank overdraft charges.[1]

Products and Services

The Office of Fair Trading works to achieve its objectives by:

  • Encouraging businesses to comply with competition and consumer law and to improve their trading practices through self-regulation
  • Acting decisively to stop hardcore or flagrant offenders
  • Studying markets and recommending action where required
  • Empowering consumers with the knowledge and skills to make informed choices and get the best value from markets, and helping them resolve problems with suppliers through Consumer Direct.[2]

Membership

Key People

References

  1. Bank Charges Challenge Is Dropped By Regulator. BBC.
  2. About the Office of Fair Trading. OFT.