OFT warns £40bn of retirement savings stuck in poor value pension schemes

OFT warns £40bn of retirement savings stuck in poor value pension schemes The Office of Fair Trading is calling for new powers for the pensions regulator and greater transparency on costs.
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OFT criticised over ‘ineffectual’ payday loans policing

Committee of MPs says watchdog failed to invest enough in regulation, never fined a firm and was slow to revoke licencesThe watchdog responsible for regulating the UK’s payday lenders has been “ineffective” and “timid”, and has failed to identify risks of malpractice which have cost consumers at least £450m a year, according to the Public […]
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Payday lenders ‘break pledges on reform’

Citizens Advice survey says firms are still failing to treat customers fairlyPayday lenders have broken a series of promises to reform their industry, including pledges to check that their loans are affordable and to freeze charges when people struggle to repay, according to new research that raises fresh concerns about how they operate.A survey conducted […]
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Regulator takes months to bring payday lenders to heel

The OFT has yet to contact many payday lenders, two months after damning report pointed to widespread breaches of rulesAlmost two months after issuing a damning report on the payday loans industry the Office of Fair Trading has still not contacted all of the firms it believes could be breaching rules on responsible lending.The high-cost […]
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GlaxoSmithKline accused of paying rivals to delay generic medicine

OFT launches investigation into allegations GSK abused market dominance to keep price of antidepressant drug Seroxat highGlaxoSmithKline has been accused of paying other drugs companies to slow down production of generic versions of its most profitable antidepressant drug, according to the Office of Fair Trading.An investigation into GSK has been launched by the OFT into […]
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Quick house sale firms spark OFT investigation

Watchdog says such firms provide useful service for homeowners but are often used by consumers in vulnerable situationsCompanies who offer desperate homeowners a quick sale are to be investigated by the Office of Fair Trading, following concerns that their customers may be receiving tens of thousands of pounds less than their property is worth.Quick house […]
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Smartphone games with costly in-app add-ons prompt OFT scrutiny

Reports of children running up bills for hundreds of pounds by clicking through to paid-for content sparks investigationFree iPad and smartphone games which can result in children running up hefty bills for their parents through expensive in-game features are to come under scrutiny from the Office of Fair Trading.More than a quarter of children aged […]
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Payday lender shut down by OFT over identity fraud

MCO Capital banned from lending, after fraudsters used personal details of more than 7,000 individuals to take out loansPayday lender MCO Capital has been shut down by the Office of Fair Trading, after it failed to stop fraudsters taking out loans using more than 7,000 stolen identities.The regulator, which stripped the online lender of its […]
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Supermarkets sign up to fairer special offers

Tesco, Sainsbury’s, Waitrose and Marks & Spencer among those agreeing to Office of Fair Trading principlesEight of the UK’s biggest supermarkets have signed up to a set of principles following concerns that they were “failing to operate within the spirit of the law” over special offers and promotions for food and drink, the Office of […]
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