Office of Fair Trading
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OFT sets out responsive approach for uncertain times
The OFT has today published its Annual Plan, setting out its priorities for the year ahead.
The plan promises a responsive approach in a fast-changing economic climate - with the OFT geared up to anticipate and rapidly address developments that could jeopardise consumer welfare or threaten competitive markets. Consumer credit and the financial services are highlighted as areas likely to require particularly close attention.
The OFT's approach for the next 12 months follows four main themes:
* Maintaining constant standards through high-impact work
In
2008, competition investigations carried out by the OFT resulted
in the first ever criminal convictions against individuals for
price-fixing offences, and in the consumer field the OFT continues
to pursue the court case to test the fairness of unauthorised bank
overdraft charges. The OFT will continue to promote competition
and protect consumers - businesses and individuals will not able
to use the economic circumstances as an excuse to disregard their
legal obligations.
* Responding to changing circumstances and events
The OFT is
working to address the risks to consumers and businesses that the
economic downturn may present. Regulation of consumer credit and
financial services is increasingly important, for example, and the
types of intervention the OFT uses may also change as a result of
the recession. The OFT will be agile in deploying its resources to
deal with shifting economic and social priorities.
* Influencing the debate around competition and consumer
issues
The OFT will seek to influence debate to ensure strong
competition is recognised as a key driver in supporting economic
recovery, and that effective consumer protection builds public
confidence in markets. The OFT will continue to provide positive
input into government policy in this context, and will actively
engage with business and trade associations on issues such as
self-regulation and compliance.
* Working with partners
The OFT will further develop links
with partners such as local authority Trading Standards Services
and other government departments, as well as working closely with
central government on issues relevant to the economic climate,
such as consumer credit and priority sectors for future economic growth.
Philip Collins, OFT Chairman, said:
'These uncertain
economic times require the OFT to be active, responsive and
flexible in continuing to promote competition and protect
consumers.
'The OFT will continue to take strong and
decisive action where necessary to intervene in markets which are
not working well for consumers, and will work closely with
government, business and consumer groups to enhance public
confidence in markets.'
NOTES
1. The OFT Annual Plan 2009-10, and the OFT's response to the consultation exercise on the Annual Plan, can be downloaded here.
2. The OFT is required to publish an annual plan containing a statement of its main objectives and priorities for the year ahead. At least two months before publishing the Annual Plan, the OFT consults on its proposals. The Annual Report is published following the end of each financial year and provides a report to Parliament on the main activities performed during the period.
3. The OFT is committed to applying the principles of better regulation in all its work, and recognises the need to remove unnecessary burdens on business. To address this, the OFT has published its Regulatory Simplification Plan which describes the initiatives currently planned for the coming year. Download a copy here.
PUBLIC enquiries: 0845 7224499 enquiries@oft.gov.uk
OFT
reports and consumer information leaflets are available free
from:
OFT, PO Box 366, Hayes UB3 1XB 0870 6060321 oft@eclogistics.co.uk
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