Advocacy means strengthening our relationships with government departments and other stakeholders to help preserve and promote competition in financial markets and increase awareness of consumer protection issue. This includes ensuring that regulation does not unnecessarily or disproportionately restrict competition or consumer benefits, but, instead achieves the best possible outcomes for consumers.
As government and regulators seek to build a more resilient financial system for the future, it is important that the OFT sets out persuasively the case as to why competition in financial markets must be preserved and promoted.
With this in mind we have set ourselves three high-level competition advocacy objectives around the areas of regulatory reform, government intervention in banking, and competition in financial markets. These competition advocacy objectives should ensure that our efforts are focused, targeted and deliver the maximum returns to consumers.
The OFT will seek to work in partnership with government, regulators, and other agencies responsible for regulating financial markets (both nationally and internationally) to ensure that competition considerations are adequately taken into account in the design and implementation of new regulation.
In order to take regulatory reform forward, the OFT intends to strengthen its relationships with the relevant regulatory authorities, including updating our joint working with the Financial Services Authority, whilst also considering more broadly how it can influence the debate in Europe.
The OFT will aim to work with government to ensure any short-term actions taken by government to stabilise financial markets do not unduly distort competition over the long-term, and its divestment from banks is as pro-competitive as possible.
The OFT will work with government to identify actions it can take to promote competition and choice in the banking sector. This includes measures to promote entry into the banking market and facilitate consumer switching.
The OFT will evaluate competition in financial markets more generally and further understand the drivers and limitations of competition in these markets.
The OFT will closely monitor developments, regulatory and structural, to ensure that there are no adverse effects on competition as a result of changes in financial markets. We will also work with stakeholders such as the Financial Services Authority to identify potential markets where there may be competition concerns.
Further information
Below are external links to our partner organisations:
View information on our work with partner organisations:
See also
Whilst the financial services plan does not include a specific action plan on consumer protection advocacy, the OFT recognises its importance and we are working on initiatives with our partners aimed at improving transparency in markets, educating consumers and enhancing consumer protection.
Further information
Below are external links to our partner organisations:
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