OFT set to take on a tougher role for consumers

THE Office of Fair Trading today warned business that it was preparing to play a more forceful hand in competition and trading issues as it evolved into more of a consumers' champion, .

OFT Director-General John Vickers said he expected the watchdog to be given more power to bring about changes in markets and to become a more influential investigator and law enforcer. He believed competition and consumer issues would become a more significant part of the economy, paving the way for the OFT to have a higher profile in industry. "We now have a frontline enforcement role and that needs to be married with a proactive investigatory role," he said.

His plans are sure to fuel concerns among some industry groups about increased Government intervention and further lobbying by Whitehall departments on behalf of consumers.

The Financial Services Authority has come under fire in recent weeks by those who believe it has become a quasi-consumer body at the expense of business. But Vickers defended his stance, saying the OFT will also be "pro-markets" and saw its role as ensuring that consumers benefited from fairer trading conditions.

"I'm absolutely against any notion that it is consumers versus business," he said.

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