This article is about the former agency of the United Kingdom. For the Maltese agency, see Office for Fair Trading (Malta). For the Isle of Man agency, see Isle of Man Office of Fair Trading.
Office of Fair Trading Welsh: Swyddfa Fasnachu Teg
The Office of Fair Trading (OFT) was a 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 United Kingdom's economic regulator. The intention was for the OFT 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 by the Enterprise Act 2002.
The Department for Business, Innovation and Skills (BIS) announced reforms to the 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.[1]
Regulation of the consumer credit sector passed from the OFT to the new Financial Conduct Authority (FCA) from April 2014.[2]
^"Press Release: Chief Executive Designate appointed to the Competition and Markets Authority". Department for Business, Innovation and Skills. 8 January 2013. Retrieved 27 March 2013.
^Quinn, James (5 November 2013). "OFT instructed Wonga to make changes to its business". Retrieved 23 December 2017 – via www.telegraph.co.uk.
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