office of Fair Trading

UPDATE 3-UK consumer body threatens to shut down payday lenders

Thomson ReutersMarch 6, 2013 07:31

* OFT also proposing Competition Commission investigation * Govt says to give new regulator 'teeth' to tackle issues * Payday lenders provide short-term loans to borrowers * Payday firms have been criticised for high interest rates * 1.2 million Britons used payday loans last year By Matt Scuffham

OFT says British petrol market 'working well'

Thomson ReutersJanuary 30, 2013 13:01

LONDON, Jan 30 (Reuters) - Britain's consumer affairs watchdog said competition in the UK petrol and diesel market was "working well" and there was little evidence that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. The Office of Fair Trading (OFT) said on Wednesday that rises in pump prices for petrol and diesel over the last decade had been caused largely by higher crude oil prices and increases in tax and duty, and not a lack of competition.

UPDATE 1-More changes needed in UK chequing accounts - OFT

Thomson ReutersJanuary 25, 2013 06:00

LONDON, Jan 25 (Reuters) - British banks should simplify charges for overdrafts to help make the chequing account market more competitive by allowing people to decide easily who offered best value, Britain's consumer watchdog said. The Office of Fair Trading held back from involving the Competition Commission because of a new, easier account-switching service coming in September and with Lloyds and Royal Bank of Scotland set to sell branches.

UK consumer watchdog to scrutinise pensions market

Thomson ReutersJanuary 17, 2013 07:15

By Sarah Mortimer LONDON, Jan 17 (Reuters) - Britain's consumer affairs watchdog is to investigate so-called "defined contribution" pension plans, which could see up to 8 million new members over the next six years as part of a government drive to boost workplace saving for retirement. Britain's Office of Fair Trading (OFT) said on Thursday its study would focus on value for money and the size of pension pot savers end up with at retirement.

Some UK energy efficiency firms may breach consumer law -OFT

Thomson ReutersJanuary 10, 2013 12:15

* Some energy efficiency firms give misleading information * OFT investigation continues * Government energy efficiency scheme to launch this month By Karolin Schaps LONDON, Jan 10 (Reuters) - A number of British companies offering energy efficiency measures such as insulation or double glazing may be breaching consumer law, the fair trade watchdog said, a verdict that may hurt a government drive to make housing more efficient.