The OFT and FSA

OFT and Financial Services Authority joint working

The OFT and the Financial Services Authority (FSA) have different, but complementary, powers and statutory objectives. Given our overlapping interests and jointly regulated businesses, it is important we work well together in order to maximise our effectiveness in dealing with consumers and businesses.

We have been working closely with the FSA, and will continue doing so, on specific issues such as PPI and across a broader range of mutual interests. A joint action plan, published in April 2006, sets out in detail how we intend to:

• reduce the administrative burdens on jointly authorised firms by streamlining processes where possible
• join up work to promote consistency in approach, and better investigations / outcomes for markets. This will help improve regulatory certainty for business
• ensure better communication and advice for business and consumers by joining forces to target messages, including relevant signposting on websites and at contact centres
• ensure consumer education initiatives are coordinated and complementary.

An update, summarising progress of each of the work streams, was published in November 2006.

Delivering better regulatory outcomes - May 2008 update (pdf 337 kb)

Delivering better regulatory outcomes (pdf 292 kb)
 
Delivering better regulatory outcomes - an update (pdf 170 kb)

Unfair Terms OFT / FSA Concordat

Memorandum of Understanding with the Financial Ombudsman Service

Wider Implications Process

Delivering better regulatory outcomes - July 2007 update (pdf 329 kb)

The roles and responsibilities of the Office of Fair Trading and the Financial Services Authority (pdf 109 kb)

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