Life after the Office of Fair Trading
The Office of Fair Trading (OFT) closed its doors the end of March 2014. At first sight it may seem that this is part of a drive to remove red tape. In fact, the work and responsibilities of the OFT have moved to other organisations.
Some of the key functions of the OFT have devolved as follows:
On 1 April 2014, the Financial Conduct Authority became the regulator for the consumer credit industry.
Competition and consumer protection
The Competition and Markets Authority is responsible for competition law enforcement and merger control
Local Authority Trading Standards Services have taken on the role of enforcing consumer protection law
The OFT’s anti-money laundering powers and responsibilities have passed to the Financial Conduct Authority (in respect of consumer credit financial institutions) and to HMRC (in respect of estate agents)