News from the OFT

March 2011

OFT urges businesses to review their small print

As a result of its market study into consumer contracts, the OFT has sent a warning to businesses that contracts must be clear and have no unwelcome surprises buried in the small print.

Shaping the future of Competition Act cases

Chairman Philip Collins this week launched a comprehensive guide to the procedures the OFT follows in Competition Act investigations, and also announced the trial of a new adjudicator role to resolve disputes on procedural issues.

View or read Philip Collins' speech on the OFT's work to improve the speed, transparency and efficiency of its Competition Act cases.

OFT takes action against gold buying companies

The OFT has taken enforcement action against a number of companies that offer to buy gold from consumers by post.

Big four banks promise to review will-writing and executor services

Barclays Bank, HSBC, Lloyds Banking Group and RBS Group have all voluntarily agreed to review and, where necessary, improve the way they sell will-writing and executor services, following discussions with the OFT.

From spending review to the consumer landscape - tackling the changes ahead

OFT Chief Executive John Fingleton sets out his views on the consumer landscape in a speech at the TSI Year Ahead conference.

Competition and Financial Regulation

OFT Executive Director Clive Maxwell gave a lecture on the interplay between competition policy and financial regulation at King's College last month.

Landmark High Court ruling on misleading promotions

The OFT has welcomed a landmark High Court ruling that promotions distributed by the companies and individuals behind five UK prize draw promotions are in breach of the law.

OFT fast tracks travel agency joint venture to the Competition Commission

The OFT today made a fast-track reference to the Competition Commission of the anticipated travel business joint venture between Thomas Cook, the Cooperative Group and the Midlands Co-operative Society.

Outdoor advertising market study

While there is evidence that competition broadly works well for larger purchasers of outdoor advertising, following its market study the OFT has launched a competition investigation in order to assess whether certain street furniture agreements are compatible with UK and EU competition law.

Warning to credit brokers about unfair practices

The OFT is warning credit brokers to improve the way they deal with customers' upfront fees or risk losing their licences, following action to revoke the credit licences of two associated businesses engaged in unfair practices.

Scams awareness

During Scams Awareness month in February, the OFT and Age UK joined forces to urge scams victims to speak up, while the OFT also hosted an airport action day to mark increased protections for new holiday club members.