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Tag Archive: OFT

  • OFT launches workplace pensions market study

    The Office of Fair Trading (OFT) has launched a market study to examine whether defined contribution workplace pension schemes are set up to deliver the best value for money for savers. According to the watchdog, the market for these pensions … Read more »

  • OFT clears LSE acquisition of LCH.Clearnet

    The Office of Fair Trading (OFT) has cleared the proposed acquisition by the London Stock Exchange Group (LSEG) of a majority stake in international clearing house, LCH.Clearnet. LCH clears a broad range of asset classes, including securities, exchange-traded derivatives, commodities, … Read more »

  • Big four auditors face competition scrutiny

    The Office of Fair Trading (OFT) has provisionally decided to refer the market for statutory audit services to large companies in the UK to the Competition Commission, for a market investigation. With PricewaterhouseCoopers, KPMG, Ernst & Young and Deliotte dominating … Read more »

  • OFT wants ban on debit card surcharges

    The Office of Fair Trading (OFT) has put passenger travel companies on notice to change misleading debit and credit card surcharging practices, or face enforcement action under consumer protection laws. Following a super-complaint from Which?, the watchdog is also calling … Read more »

  • OFT voices audit competition concerns

    The Office of Fair Trading (OFT) has decided that competition problems in the audit market could warrant a referral to the Competition Commission. The watchdog says it has been concerned for some time about the market for external audit services … Read more »

  • Big four banks review will-writing and executor services

    Barclays, HSBC, Lloyds Banking Group and RBS are all reviewing the way they sell will-writing and executor services. Following discussions with the Office of Fair Trading (OFT), which is keen to improve the will-writing market for customers and their beneficiaries, … Read more »

  • OFT sends warning shot to credit brokers

    The Office of Fair Trading (OFT) is demanding that credit brokers (firms that introduce customers seeking credit to lenders or other credit brokers) improve the way they deal with customers’ upfront fees. The watchdog has recently revoked the credit licences … Read more »

  • Thirty-five debt management firms surrender licences

    The Office of Fair Trading (OFT) has reported that 35 debt management firms have surrendered their consumer credit licences, and that at least 15 are facing licensing action. The watchdog has recently reviewed the sector and issued warnings to 129 … Read more »

  • OFT urges underwriting fees revolt

    The Office of Fair Trading (OFT) is urging companies and institutional shareholders to challenge the level of equity underwriting fees charged by investment banks, having found that the market lacks effective competition. In a recent study, the watchdog discovered a … Read more »

  • RBS fined £28m for price fixing with Barclays

    Royal Bank of Scotland (RBS) is to pay a fine of £28.59 million for having engaged in anti-competitive practices with Barclays in relation to the pricing of loan products to large professional services firms. Barclays brought the matter to the … Read more »

  • OFT sends warning letters to over 50 doorstep lenders

    The Office of Fair Trading (OFT) has sent over 50 warning letters to doorstep lenders, as part of its work to improve standards in the home collected credit industry. During the past year, more than half of all applicants for … Read more »

  • OFT guidance on borrowers with impaired mental capacity

    The Office of Fair Trading (OFT) has today launched a consultation on draft guidance aimed at protecting borrowers with impaired mental capacity. The watchdog expects creditors to identify borrowers who might lack the mental capacity to make informed borrowing decisions … Read more »

  • OFT pulls lenders into line on charging orders

    The Office of Fair Trading (OFT) has imposed certain requirements on Alliance and Leicester Personal Finance Limited (part of Santander), American Express Services Europe Limited, HFC Bank Limited (part of the HSBC Group) and Welcome Financial Services Limited (part of … Read more »

  • OFT identified hurdles for new retail banks

    The Office of Fair Trading (OFT) has highlighted a number of “barriers” likely to be encountered by new entrants to the UK’s retail banking sector. The Government is keen to encourage new retail banks, to increase competition, however, the OFT … Read more »

  • OFT challenges debt wipe-out claims

    The Office of Fair Trading (OFT) is warning consumers that they are being misled by fee-charging firms that claim to be able to use sections 77/78/79 of the Consumer Credit Act 1974 to wipe out debts. The watchdog has published … Read more »

  • Lloyds backs new cash ISA rules

    The UK’s biggest provider of ISAs, Lloyds Banking Group, has lent its support to the recent OFT announcement regarding cash ISAs, intended to reduce transfer times and enhance transparency. In 2010 Lloyds TSB is to publish savings interest rates on … Read more »

  • Greater transparency in ISA market

    The recent changes introduced by the OFT in a bid to arrest the inefficiencies of the cash ISA market have been heartily welcomed by Consumer Focus, which has described the measures as the first step towards dragging the UK’s £158bn … Read more »

  • OFT proposes reforms to insolvency practitioner regulation

    The Office of Fair Trading (OFT) has recommended far-reaching reforms to the regulation of insolvency practitioners. In a recent study, the watchdog found that secured creditors such as the banks that appoint insolvency practitioners, have a strong incentive to control … Read more »

  • OFT applies “home jurisdiction” rule to debt proceedings

    The Office of Fair Trading (OFT) has warned UK lenders that taking court action against consumers outside their home jurisdictions is unacceptable. The move follows an OFT investigation into Creation Consumer Finance, which provides point of sale finance to major … Read more »