OFT to be removed from regulation

[Pinky69]

Consumer credit regulation may be taken from the OFT

About time too! May take a while but lets hope a new body is better than the useless OFT!

[F_DCAs]

Re: OFT to be removed from regulation

Agreed. The OFT is as ineffectual and hopeless as any other government department. So much so that I've forgotten what it is they actually do.

[EXC]

Re: OFT to be removed from regulation

Agreed. The OFT is as ineffectual and hopeless as any other government department.

They are independent and not a government department in any meaningful sense (they are only classified as one for accounting purposes) and in my view it is because they are accountable to nobody that they are as ineffectual as they are.

[pompeyfaith]

Re: OFT to be removed from regulation

should ditch the fos too as they are just as bad an organisation is need that will enforce the law otherwise what is the point in government making laws if the financial industry does not take notice

Perhaps there should be a law of all laws

[EXC]

Re: OFT to be removed from regulation

should ditch the fos too as they are just as bad an organisation is need that will enforce the law otherwise what is the point in government making laws if the financial industry does not take notice

Perhaps there should be a law of all laws

I think there will be changes at the FOS as aside from the fees it generates, it is funded (and has it's budget set) by the soon to be scrapped FSA.

[Angry Cat]

Re: OFT to be removed from regulation

IMO, the OFT, Trading Standards and the FOS do not do the jobs that they are paid to do.
Time and time again, they let the general consumer down.

The above comment is made with regards to the 'mighty' financial industry.

[ODC]

Re: OFT to be removed from regulation

Good job Gormless Gordon is no longer in power. He would probably have handed over the OFT to the industry watchdog the CSA to investigate complaint against their members:mad2:

[righty]

Re: OFT to be removed from regulation

ODC I like your reference to the CSA being an industry watchdog made me chuckle that did

[ODC]

Re: OFT to be removed from regulation

ODC I like your reference to the CSA being an industry watchdog made me chuckle that did

Its like putting the Nazis in charge of the Nuremberg War Crimes Trial