Office of Fair Trading(redirected from Office of Fair Trade)
Also found in: Financial.
Office of Fair Trading (OFT)established by the Enterprise Act 2002, a body charged with trade matters and COMPETITION LAW. It has taken over the functions of the Director General of Fair Trading. It is run by a Board. It has an extensive staff It runs the consumer credit licensing system and the licensing of estate agents. It monitors and can deal with unfair contract terms on an industry-wide basis. It handles any super complaint which may be made. These result in a complete examination of a sector of a market. They maybe lodged only by a designated consumer body such as the Consumers Association or the National Association of Citizen's Advice Bureaux. The first was made in 2005 in respect of electricity and gas.
Collins Dictionary of Law © W.J. Stewart, 2006