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ukaviator

NAO slams OFT over effectiveness

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Consumers lost £450m during 2010/11 because of problems not addressed by regulation, according to a report published today. The National Audit Office (NAO) said the Office of Fair Trading (OFT) has done a good job of regulating consumer credit with the resources it has, but is not delivering value for money because it is not minimizing harm to consumers. And in a worrying sign, the NAO said the OFT is not sufficiently resourced to supervise firms or monitor their compliance standards on a day-to-day basis.

 

More: http://www.credittoday.co.uk/article/14681/online-news/nao-slams-oft-over-effectiveness

Edited by ukaviator

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OFT could probably halve their costs by simply reading the threads on CAG - they are already catalogued..

 

So they can see immediately which areas need policing ?

 

I find it very amusing that the minute the regulators are told they are not effective, they scream shortage of funds.. !!


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