What is oft?

OFT stands for Office of Fair Trading, which was a non-ministerial government department in the United Kingdom that was responsible for ensuring fair competition and consumer protection. The OFT worked to regulate markets and enforce competition laws in order to prevent anti-competitive practices and protect the rights of consumers.

The OFT was replaced by the Competition and Markets Authority (CMA) in 2014, which now has the responsibility for promoting competition and protecting consumers in the UK. The CMA continues to carry out many of the functions that were previously handled by the OFT, such as investigating anti-competitive behavior and mergers, as well as providing guidance to businesses and consumers on competition law.

Overall, the OFT played a crucial role in ensuring a level playing field for businesses and protecting consumers from unfair practices. Its work helped to promote competition, drive innovation, and ensure that consumers were able to make informed choices in the marketplace.