On 29 March 2010, the OFT published its Annual Plan outlining its priorities for 2010 - 2011. The OFT proposes to fulfil its mission through high impact enforcement and other measures that maximise its influence on markets and on changing the behaviour of business, consumers and government to make markets work well for consumers.
In its Annual Plan the OFT states that it will work with business to increase compliance and good practice, with consumers to enable them to engage better with businesses and with the government to inform them about policy. The OFT believes that through its market studies it can examine the way a market is working and make proposals as to how it might be made to work better. The OFT emphasised that the preferred approach will be to achieve change voluntarily - avoiding formal intervention or regulation wherever possible.
The OFT also recognises the need to remove unnecessary burdens on business, since these will be passed on to consumers in the form of higher prices, lower quality or reduced choice. The OFT also emphasises that it has already taken steps to increase transparency and improve its external engagement, and has commissioned independent evaluation work to understand the impact of its work on business and markets.
The OFT’s Annual Plan for 2010-2011 can be found here.