Q&As

What are the consequences of the OFT closing?

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Published on LexisPSL on 31/03/2014

The following Commercial Q&A provides comprehensive and up to date legal information covering:

  • What are the consequences of the OFT closing?
  • What responsibilities are moving where?
  • Website

The Office of Fair Trading (OFT) was set up in 1973 and closed on 1 April 2014 as part of the government's reform in this area. The Enterprise and Regulatory Reform Act 2013 established the Competition and Markets Authority (CMA) as the UK’s competition authority with a mission to 'make markets work well for consumers, businesses and the economy'. On 1 April 2014, the functions of the Competition Commission and many of the functions of the Office of Fair Trading (OFT) were transferred to the CMA and those bodies abolished.

What responsibilities are moving where?

The work and responsibilities of the OFT have passed to a number of bodies:

  1. Competition: This is now dealt with by the Competition and Markets Authority (CMA). The CMA is a non-ministerial department which is tasked to promote competition for the benefit of consumers both 'within and outside the UK'.

  1. Consumer advice and consumer education: This is now dealt with b

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