Confirmation of the organisations taking over functions of the OFT

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The Office of Fair Trading (OFT) will officially cease on 31st March 2014 and information has been released about each of the associations taking over its responsibilities from 1st April 2014. Competition regulation and some aspects of consumer protection will become the responsibility of the Competition and Markets Authority (CMA). The CMA will implement consumer law, relating to unfair contracts and misleading pricing and competition law, for example, relating to merger control. The Financial Conduct Authority (FCA) will take responsibility for authorising companies that provide consumer credit and enforcing consumer credit legislation. The OFT’s role in teaching consumers and business about consumer law has been carried out by Citizens Advice and the Trading Standards Institute (TSI) since April 2013.
There is more about the transfer of the OFT’s responsibilities at:
http://www.oft.gov.uk/about-the-oft/work-and-responsibilities

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