Office of Fair Trading

Office of Fair Trading

an authority established by the FAIR TRADING ACT 1973, to administer all aspects of UK COMPETITION POLICY, specifically the control of MONOPOLIES. MERGERS and TAKEOVERS, ANTICOMPETITIVE AGREEMENTS/ RESTRICTIVE TRADE AGREEMENTS, RESALE PRICES and ANTI-COMPETITIVE PRACTICES. The OFT, headed by the Director General of Fair Trading, collects data on industrial structure, monitors changes in market concentration and merger and takeover activity, and investigates and acts on information received from interested parties concerning allegedly ‘abusive'behaviour in respect of trade practices, prices, discounts and other terms and conditions of sale. Where appropriate, the OFT may decide to refer particular cases for further investigation and report to the COMPETITION COMMISSION. The OFT also has other main responsibilities with regard to the protection of consumers' interests generally, including taking action against unscrupulous trade practices such as false description of goods and inaccurate weights and measures, and the regulation of consumer credit. See CONSUMER PROTECTION. TRADE DESCRIPTIONS ACTS 1968 AND 1972, WEIGHTS AND MEASURES ACT 1963, CONSUMER CREDIT ACT 1974, ESTATE AGENCY ACT 1979. CONTROL OF MISLEADING ADVERTISEMENTS REGULATIONS 1988.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

Office of Fair Trading (OFT)

an authority established by the FAIR TRADING ACT 1973 to administer all aspects of UK COMPETITION POLICY, specifically the control of MONOPOLIES/MARKET DOMINANCE, MERGERS and TAKEOVERS, ANTICOMPETITIVE AGREEMENTS/RESTRICTIVE TRADE AGREEMENTS, RESALE PRICES and ANTI-COMPETITIVE PRICES. The OFT, headed by the Director General of Fair Trading, collects data on industrial structure, monitors changes in market concentration and merger and takeover activity, and investigates and acts on information received from interested parties concerning allegedly ‘abusive’ behaviour in respect of trade practices, prices, discounts and other terms and conditions of sale. Where appropriate, the OFT may decide to refer particular cases for further investigation and report to the COMPETITION COMMISSION. The Office of Fair Trading also has other main responsibilities with regard to the protection of consumers’ interests generally, including taking action against unscrupulous trade practices, such as false descriptions of goods and inaccurate weights and measures, and the regulation of consumer credit. See CONSUMER PROTECTION, TRADE DESCRIPTIONS ACT 1968,1972, WEIGHTS AND MEASURES ACT 1963, CONSUMER CREDIT ACT 1974.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005