The OFT continues to be supportive of industry efforts to implement a code and will continue to work with the code body and stands ready to advise on request.

The market study set out a timetable of milestones and deadlines with the purpose of ensuring progress, against the background of previous reports and recommendations about the implementation of a code in this sector.

While we acknowledge the considerable progress made by the code body, it can no long be said that it is working to any timetable agreed with the OFT as a result of the market study – indeed since CCAS approval is an entirely voluntary scheme, this could be argued to be quite appropriate.

In these circumstances, the OFT considers that its ‘backstop’ recommendation to the Government of a statutory redress scheme must now be made but the OFT acknowledges that the Government will wish to take into account the ongoing progress in deciding whether, or when, to act on the OFT’s recommendation.

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