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Annual Report of the Director General of Fair Trading to the Secretary of State for Trade and Industry
The Office of Fair Trading oversees the regulation of consumer affairs and the enforcement of competition legislation, as well as carrying out research to explore the operation of market practices and develop policy initiatives. This report covers the work of the department during 2001 and contains the department's Service Delivery Agreement and Statement of Purpose which set out the department's key objectives and performance targets.
Regulating Consumer Credit
UK consumers borrowed £176 billion in 2011-12 from credit card companies, small businesses offering hire purchase arrangements and payday lenders. The NAO estimates the Office of Fair Trading saved consumers £8.60 for every £1 it spent on enforcing regulations in 2010-11 by taking action against non-compliant firms. During the same period, nevertheless, consumers lost at least £450 million from problems that regulation did not address, such as malpractice by firms that was not reported to the regulator. Consumers can also make poor choices themselves. The OFT is not resourced to carry out on a day-to-day basis either the supervision of firms or the monitoring of their compliance with lic...
Trading Malpractices
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Annual Report of the Director General of Fair Trading for January to December 1991 to the Secretary of State for Trade and Industry
Office of Fair Trading - Annual Report of the Director General of Fair Trading, 1991
The Office of Fair Trading
The Office of Fair Trading (OFT) has improved its operations following recommendations on maintaining competition in markets made by the National Audit Office and Committee of Public Accounts in 2005 and 2006. It now needs to concentrate its efforts on strengthening the skills and experience of its staff at key management grades, and be clearer on how long it expects its investigations will take. The OFT is now directing its work to areas that have the most impact, though this refocus on higher priority cases has led to a perception that the OFT is less interested in smaller markets, with a risk that its deterrent effect will be reduced in these markets. The OFT has taken steps to address th...
