The Office of Fair Trading (OFT) is a statutory regulator set up by Her Majesty’s Government of Gibraltar to protect the interests of consumers in Gibraltar and to ensure a fair market is maintained. The OFT's mission is to ensure that markets work well for consumers by encouraging businesses to comply with consumer law and to improve their trading practices. This is achieved by issuing information and educational guidance, undertaking efficient licensing and regulatory work and prohibiting unfair practices.
The OFT’s legal framework is enshrined within the Fair Trade Act 2015 and its subsidiary legislation.
|Fair Trading Act 2015|
The Office of Fair Trading Commission plays an enforcement role as the quasi-judicial body of the OFT. Its purpose is to ensure a level playing field between businesses for the ultimate benefit of consumers and the local economy.
The OFT may refer matters to the Commission following the receipt of complaints or its own investigations. The Commission does not initiate inquiries independently; all of its work is undertaken following references to it by the OFT. Upon receipt and consideration of a reference the Commission may, if it considers a business is causing significant consumer harm, issue an enforcement order requiring the business to refrain the offending course of action or to remedy it.
The OFT Commission must consist of a Chairman and no fewer than four other members, appointed by the Minister. Members are appointed where it appears to the Minister that they have appropriate experience and knowledge of consumer law and practice. For the purposes of any proceedings before it the Commission shall consist of a Chairman and a minimum of two other members.
Its primary objectives are:
It shall meet these objectives by: