A non-ministerial government department, headed by the Director General of Fair Trading which aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. One of the OFT's major responsibilities is the administration and enforcement of the Consumer Credit Act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT. The OFT also has consumer protection duties under the Fair Trading Act 1973, the Estate Agents Act 1979, the Control of Misleading Advertisements Regulations 1994. Monopolies and mergers are dealt with under the Fair Trading Act, and other competition issues are covered by the Restrictive Trade Practices Act 1976, the Resale Prices Act 1976, the Competition Act 1980 and the Financial Services Act 1986.
(OFT): UK competition and consumer protection authority, responsible for the administration and enforcement of consumer protection and consumer credit legislation, the initial review of merger cases, the public enforcement of competition law (concurrently with other regulators in some sectors) and the making of market investigation references. See http://www.oft.gov.uk/.
Government department that protects and promotes consumer interests, while ensuring that businesses are fair and competitive.
Government department which advises the Secretary of State for Trade and Industry on whether or not a proposed takeover should be referred to the MMC for full investigation.
Government body charged with ensuring a 'level playing field' for competition in all sectors of the economy.
The Office of Fair Trading is responsible for investigating mergers and takeovers to recommend to the President of the Board of Trade as to whether the merger should be investigated by the Monopolies and Mergers Commission.
A division of the Department of Trade with responsibility for consumer protection against unfair trading practices, in particular the enforcement of the Fair Trading Act and controlling the licensing system under the Consumer Credit Act 1974. To lawfully conduct a consumer credit, consumer hire, or ancillary credit business, a trader must have a licence. The Office of Fair Trading may refuse to issue or may revoke such a licence if it considers the trader engages in unfair or improper business practices (whether or not these practices are unlawful)
UK government office set up to oversee trading practices of organisations and individuals in the UK. p. 39
A government body responsible for ensuring fair trading. The OFT regulates activities governed by the Consumer Credit act 1974.
It aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the Director General of Fair Trading, and one of its responsibilities is the administration and enforcement of the Consumer Credit Act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT.
The Office of Fair Trading or OFT is a UK statutory body established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator. The OFT's goal is 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.