News from the OFT

February 2011

OFT launches nationwide 'Scamnesty'

With the support of consumer champion Esther Rantzen, the OFT today launched its 2011 Scams Awareness Month, calling on people to bin scam mailings in 'Scamnesty' bins around the country.

OFT to examine energy supply to off-grid customers

The OFT has announced a market study into the supply of energy to consumers who are not connected to the main gas grid.

Motor insurers agree to limit data exchange

Seven insurance companies and two IT software and service providers have provisionally agreed to limit the data that they exchange between them after the OFT raised competition law concerns.

Competition on equity underwriting fees

The OFT is urging companies and institutional shareholders to apply greater pressure on equity underwriting fees after finding that the market lacks effective competition on price.

Debt management enforcement action

The OFT has announced that 35 debt management firms have surrendered their consumer credit licences and at least 15 are facing licensing action as a result of an OFT compliance review.

OFT secures promotional blogging disclosures

In precedent-setting enforcement action, the OFT has received undertakings from Handpicked Media, an operator of a commercial blogging network, requiring them to clearly identify when promotional comments have been paid for.

Competition and choice in the banking sector

OFT Chief Executive John Fingleton and Executive Director Clive Maxwell gave evidence to the Treasury Select Committee on 20 January 2011 as part of its inquiry into Competition and Choice in the Banking Sector.

OFT and LBRO outline plans for use of new civil sanctions

The OFT and the Local Better Regulation Office have outlined their proposed approach to the use of new powers which will allow consumer law enforcement bodies to directly impose fines and other sanctions.

OFT seeks views ahead of private healthcare study

The OFT has announced plans to launch a market study into private healthcare, which will examine the nature of competition in the market, and whether it is fully competitive.

OFT tackles fake online auction bids

The OFT has secured undertakings from Scriptmatix, a software developer, to prevent it from promoting an artificial bid function in the penny auction software packages it supplies.

Make a resolution to save for next Christmas

As many people start the New Year with a financial hangover, the OFT is urging people to make a New Year's resolution to begin thinking now about saving for next Christmas.