OFT Welcomes EU Proposals On Scams

by Ulrika Lomas, for LawAndTax-News.com, Brussels

24 July 2003

The UK's Office of Fair Trading (OFT) has welcomed the proposals contained within the European Union's new Enforcement Cooperation Regulation, which creates a series of mutual assistance tools for combating cross-border fraud.

The trading body announced that scams such as phoney prize draws, misleading slimming products and bogus holiday clubs targeted at UK consumers will be easier to combat if the Regulation is approved.

The proposals, which are still subject to consultation, will make it easier to pursue rogue traders across European borders, according to the OFT.

The minimum standard of enforcement which will be established by the Regulation will include the ability to conduct on-site inspections of businesses, to seek court orders, and to freeze the assets of those involved in marketing fraudulent offers to European consumers. Information sharing and enforcement powers between national enforcers will also be boosted by the new regulations.

Speaking on Tuesday, John Vickers, OFT Chairman, observed that:

'This measure will be a major advance in international enforcement demonstrating a European-wide commitment to give consumers better protection from misleading and deceptive behaviour.'

Recommended