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OFFICAL: OFT 'accountable to banks' (briefly


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I was left stunned, dazed and confused for 3 hours when in response to

a question, the OFT stated in writing that they were accountable (albeit indirectly) to the banking industry (?) But it was'nt long before a hasty and desparate correction followed.


Mistake? Slip of the tongue? or something more sinister?



To: Enquiries

Subject: OFT Accountability





Could you tell me, who is the Office of Fair Trading

accountable to, aside from the banking industry.


And who funds the OFT?


Many thanks



Dear Mr xxxxxx,


Thank you for your further enquiry. For information on the Office of Fair Trading's (OFT) accountability, please refer to our web site on

http://www.oft.gov.uk/about/governance/ . Note that we are not directly accountable to the banking industry, we are a Government body, not a a trade association or industry body.


The OFT is funded by The Treasury, for more information on our budget, please see our latest annual report on

http://www.oft.gov.uk/shared_oft/annual_report/2005/accounts0506.pdf .


I hopw you will find this information useful.


Yours sincerely,


Julia Vergho

OFT Enquiries



To: Enquiries

Subject: Re: OFT Accountability


So does that mean that you are indirectly accountable

to the banking industry?



Dear Mr xxxxxxx,


Thank you for your further email. Please accept my apologies for the confusion arising from my previous response to you. The paragraph about the banking industry should not have had the word 'directly' in it at all, since the OFT is not accountable to the banking industry. As stated in my last email to you, we are a Government body funded by the Treasury. Neither do we regulate the general banking industry. The latter is regulated by the Financial Services Authority who can be contacted via http://www.fsa.gov.uk .


Yours sincerely,


Julia Vergho

OFT Enquiries

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A simple error, prompted by the way that you worded your original question - whilst humourous, your question was heavily loaded in favour of a denial response, worded as you questioned it...

Alecto, Magaera et Tisiphone: Nemesis on Earth is come.


All advice and opinions given by Spiceskull are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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