News from the OFT

March 2012

OFT launches review into payday lending

The OFT has launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty.

John Fingleton to step down as CEO later this year

The OFT has announced that its Chief Executive, John Fingleton, is to step down later in 2012, after seven years in the role.

Speech on competition in UK banking

Chief Executive John Fingleton recently gave a speech on banking in which he said a 'step change' is needed in the sector that delivers stronger, customer-focused competition.

OFT calls for evidence on markets in remote communities across UK

The Office of Fair Trading is launching a fact-finding review to understand more about the challenges facing consumers and businesses in remote communities across the UK.

OFT consults on package of measures to improve extended warranty competition

Major UK electrical retailers have offered legal undertakings to improve the way the extended warranties market works. This follows the OFT market study, which highlighted competition concerns in the £1 billion per year market that could mean consumers are not getting the best value for money.

Aggregates, cement and ready-mix concrete referred to the Competition Commission

The OFT has referred the aggregates, cement and ready-mix concrete markets in Great Britain to the Competition Commission.

Investigation launched into health and fitness clubs contracts

The OFT has opened an investigation under the Enterprise Act 2002 into a number of companies that operate gym and fitness club chains or who provide management services to gyms. The investigation is considering whether these companies are using or recommending unfair contract terms.

OFT takes action in mobility aids sector

The OFT has taken action against several mobility aids traders, following a market study last year which found some firms were engaged in unfair business practices.

New Know Your Consumer Rights when buying online campaign goes live 5th March

Supported by a short film accessible via Google Trueview, the aim is for the campaign to achieve 139,000 views and help shoppers to understand their rights under the Distance Selling Regulations. The consumer campaign will be accompanied by digital communications targeting companies which sell online encouraging them to visit the OFT's Distance Selling hub for advice and support on how to comply with the law and treating their customers fairly. The film can be accessed at www.youtube.com/oftwebeditor from 5 March. To visit the OFT's Distance Selling hub go to www.of.gov.uk/business-advice/treatingcustomersfairly/dshome