Goodbye to the OFT and the Competition Commission - Regulators have closed their doors

The start of April saw the end of the Office of Fair Trading (OFT) and the Competition Commission as part of the Government’s continued overhaul of competition and consumer protection. In their place is the new Competition and Markets Authority (CMA) which opened in October 2013. The CMA takes over the functions of the Competition Commission and the competition and certain consumer aspects of the OFT. It has responsibility and powers  for competition law enforcement, merger control, market studies and investigations.

The other roles of the OFT have been shared out to various bodies including Trading Standards (for consumer protection) and the newly formed Financial Conduct Authority (FCA) which is one of the  new entities created upon the abolition of the Financial Services Authority last year. The FCA becomes the regulator for the consumer credit industry.

Posted on 04/27/2014 by Ortolan

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