Critics turn on the 'slow to act' OFT

DEMANDS are growing for reform of the Office of Fair Trading after a highly critical response to two of its reports.

The OFT, led by John Vickers, took almost two years to produce last week's report into estate agents. It was almost universally condemned by consumer groups and even estate agents as 'inadequate' and a 'wasted opportunity'.

And a report into store cards was launched only after the OFT was pushed into it by an influential committee of MPs. Norman Lamb, a Liberal Democrat member of the Treasury Select Committee, told Financial Mail that the watchdog seemed extremely reluctant to carry out its work.

He added: 'When we took evidence from it for our store cards inquiry, I had an impression of something of a reluctance to investigate.

'We had to almost bounce it into mounting its inquiry. We need a review of the OFT to define its role and make sure the culture of the organisation is right and effective.'

The OFT rejected the criticism-It said: 'We stand by the recommendations in our studies which are professionally undertaken, well resourced and based on sound evidence leading to sound conclusions.

'It is important our conclusions are proportionate to the consumer detriment identified and that we should use our powers proportionately.'