The OFT Board came into effect on 1 April 2003. The Board gives the OFT strategic vision and perspective, plus the range and depth of experience to ensure that its new powers are matched by proper accountability.
The Board has a duty to keep under review the marketplace for goods and services in the UK with a view to identifying practices or behaviour that may adversely affect consumers' interests, and either take direct remedial action - through, for example, references to the Competition Commission or revocation of consumer credit licences - or make recommendations to ministers for legislative change.
The Board also has a statutory duty to publish advice and information for consumers. The main area of legislation under which the board exercises power is the Enterprise Act 2002, which received royal assent in November 2002.
Read more about the Audit and Risk Assurance Committee
Read the Executive Committee's Terms of Reference (pdf 109kb)
Read the Policy Committee's Terms of Reference (pdf 82kb)
Read the Remuneration Committee's terms of reference (pdf 50kb)