Demise of the OFT — what next for retailers?
All retailers will be aware of the Office of Fair Trading (OFT), and many will be familiar with the OFT’s tripartite role in enforcing competition law, enforcing consumer protection legislation and monitoring and licensing consumer credit, but since the closure of the OFT on 31 March this year, who should retailers now be looking to for guidance and regulation on each of these areas?
The OFT was established in 1973 as a non-ministerial government department with the aim of regulating markets for the benefit of consumers. As part of the UK government’s reforms to the competition and consumer regimes, the OFT ceased to exist on 31 March 2014. Rather than a single new body to take on its role, the OFT’s functions have been spread between a number of different bodies, some old and some new.
Although the closure of the OFT came to pass on 31 March this year, its winding down has in fact been going on for some time. As early as April 2012, the Citizens Advice consumer service took over from the OFT’s Consumer Direct in providing advice to consumers and sharing information it receives with UK enforcement authorities…
Click on the link below to read the rest of the Eversheds briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Eversheds
News from The Lawyer
Briefings from Eversheds
Ruling has significant consequences on dawn raids by French competition authorities, who must now be sure to exclude privileged and unrelated documents.
Trustees – consider the impact of transfers on your scheme’s funding position and investment strategy.
Analysis from The Lawyer
Eversheds is no stranger to an international tie-up but now it’s in the market for the jewel in its global crown
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all