Definitions for "Office of Fair Trading"
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.