The OFT has prepared a policy statement explaining the role of self-regulation in the OFT's consumer protection work.
This policy statement sets out the OFT's belief that self-regulation offers benefits for consumer protection and adds real value to the functioning of efficient markets and how this is reflected in our work.
Download Policy statement - the role of self-regulation in the OFT's consumer protection work (pdf 200 kb).
The policy statement follows on from a debate initiated by the OFT on the extent to which self-regulation and industry-led compliance with consumer law can assist in our work.
In March 2009 OFT published two discussion papers on this subject:
We also held a conference in March 2009 (Business Leadership in Consumer Protection - An OFT Conference on self-regulation and industry-led compliance) at which we discussed the issues raised in our papers with a range of interested stakeholders including representatives from business, consumer and trade bodies, Local Authority Trading Standards Services, regulators, academics and other government departments.
The feedback we received from stakeholders both at our conference and in relation to our discussion papers was immensely valuable. Our stakeholder feedback document (pdf 55kb) describes how the views of others influenced our development of the OFT policy statement.
Copies of the responses to the OFT discussion paper are available from the links below:
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