Supporting consumers and economic growth through difficult times remain central priorities, the OFT stated in its Annual Plan published today. During 2012/13 the OFT will focus on three strategic business objectives of high impact enforcement, influencing markets through advocacy and guidance, and building organisational delivery and capability. Within this, particular priority will be given to five cross-cutting themes:
  • Responding robustly to market problems facing consumers who are vulnerable, whether as a result of the current adverse economic climate, or their personal circumstances.
  • Building trust in online markets, with the internet an area of both continuing economic growth and consumer detriment.
  • Intellectual property (IP) and high innovation markets, to ensure business norms of transparency and fairness are upheld in markets undergoing rapid change, and that IP protection supports innovation and isn't exercised against consumers' interests.
  • Tackling instances where pricing is used as a barrier to fair choice, targeting business practices that seek to reduce competition, create complexity, or construct offers in a way that consumers would not expect.
  • Working constructively with other government departments and public bodies to help them frame and deliver public services that work well for citizens and taxpayers.
OFT Chairman, Philip Collins, said:
'It is vital to support consumers, make markets work well and drive economic growth in the current difficult conditions.
'Against the background of proposals for....Read more HERE