OFT publishes annual plan 2008-09

OFT publishes annual plan 2008-09

LONDON. March 31, 2008/3mnewswire.org/-- The OFT has today published its Annual Plan which sets out its priorities for the coming year, and how it plans to address a number of forthcoming new challenges. Download a copy from the OFT website : http://www.oft.gov.uk.

Over the last twelve months the OFT has focused on high impact outcomes which will provide real benefits to consumers. In 2007 the OFT announced the highest ever fine for infringement of UK competition law against British Airways, found evidence of collusion between certain large supermarkets and dairy processors on the retail prices of dairy products, and conducted an investigation into suspected cartel conduct in relation to the market for marine hoses used to transfer oil. This sent a clear message that the OFT will not hesitate to use its enforcement powers to tackle anti-competitive behaviour.
The OFT also commenced proceedings in the High Court for a declaration on the application of the law on unfair contract terms to unauthorised overdraft charges, as well as carrying out a number of high profile consumer education campaigns including Save Xmas, which was launched following the collapse of the Farepak hamper company, and the annual Scams Awareness Month.

Among the new challenges facing the OFT in the coming year are the Consumer Protection from Unfair Trading Regulations which introduce a general duty not to trade unfairly as well as prohibiting a range of specific unfair commercial practices, and the commencement of new provisions contained in the Consumer Credit Act which will improve and strengthen the consumer credit licensing regime administered by the OFT.

The OFT is committed to applying the principles of better regulation in all its work and recognises the need to remove unnecessary burdens on business and it is today publishing its first Regulatory Simplification Plan which describes the initiatives currently planned for the coming year.

Philip Collins, OFT Chairman said :
'Last year the OFT made a commitment to deliver high impact outcomes that would provide real and significant benefits to consumers. In the coming year we will continue to build on this commitment, working closely with our partners and stakeholders, focusing our resources on effective project delivery and carrying out evaluation of our work with the aim of delivering benefits for consumers in the most effective and efficient way whilst avoiding unnecessary burdens on business.'

3mnewswire.org