On 13 November 2009 the OFT published, for consultation, its draft annual plan for 2010-2011 (the "Draft Plan"). This sets out the key themes for the coming year.
The Draft Plan notes that, looking forward, the OFT will be using its mix of consumer protection and competition enforcement powers to provide remedies to resolve market failure or mischief. The OFT anticipates that, in the coming year, it will be required to respond to key external challenges including the increasing impact of online transactions and the potential for greater governmental intervention in markets.
The OFT states that it will be seeking to deliver high-impact outcomes in the following year and deliver direct financial benefits to consumers of at least five times that of its cost to the taxpayer. The OFT's work in this regard will involve focusing on those areas of work which benefit consumers most (and the OFT will seek to prioritise its work accordingly). For example, it will seek to ensure that the UK merger regime works in an efficient and timely manner - this may include giving informal assistance where there are genuine issues at stake. The OFT will also increase business and consumer awareness and clamp down on hardcore cartel activities. Where appropriate, the OFT will impose criminal sanctions for cartel activity.
The OFT also seeks to be a "centre of intelligence and excellence" by improving the manner in which it uses and shares market intelligence, monitoring the market pro-actively and by improving coordination and collaboration with local public authorities and the European Competition Network. The OFT states that it will seek to improve its partnership activities with other agencies including working with the Competition Commission and regulators to ensure that the UK's competition regime is as strong as possible.
Where merited, the OFT undertakes to demonstrate the use of innovative and appropriate solutions (such as direct settlements, third party interventions and new types of study).
The OFT also sets out its achievements in the last year and notes that it responded to the economic crisis by being active and flexible and, as a result, has been able to deliver value to consumers.
The consultation on the Draft Plan is open until 5 February 2010 and the final version is expected in March 2010.
To view Community Week Issue 448 - 20 November 2009 in full please click here .
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