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30/12 11 April 2012
Responding to the Government's announcement today on reforms to the UK consumer protection regime, OFT Chairman Philip Collins said:
'Vibrant competition depends on confident and well-informed consumers who are able to shop around effectively. We therefore welcome the fact that the OFT and, in due course, the new Competition and Markets Authority will continue to have powers under consumer protection legislation as well as under competition legislation to make markets work well.
'We support reforms to strengthen shared leadership for consumer protection through the Strategic Intelligence, Prevention and Enforcement Partnership (SIPEP), which will formalise and deepen existing links.
'We will work closely with the new National Trading Standards Board, the Citizens Advice service and the Trading Standards Institute to ensure a smooth transfer where they are taking over functions currently carried out by the OFT, and to provide protection for consumers during the transition.
'In the meantime, the OFT will continue to pursue an ambitious agenda of projects using both its competition and consumer protection powers to address markets that do not work well for consumers, and in particular to focus on supporting economic growth and protecting vulnerable consumers.'
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