Fingleton to head up OFT watchdog

The OFT has looked into credit card fees on several occasions

John Fingleton has been named as the next chief executive of the Office of Fair Trading (OFT), the body which enforces UK competition law.

Dr Fingleton, currently chair of the Irish Competition Authority, will succeed Sir John Vickers in October.

An economics lecturer by profession, Dr Fingleton was appointed after an open recruitment process, beating off 36 other applicants to the position.

The OFT oversees the UK's merger regime while also enforcing consumer law.

Dr Fingleton will work alongside Philip Collins, a former partner with law firm Lovells, who will become OFT chairman in October.

"The OFT has a central role to play in making markets work better for the consumer and for the UK economy," Dr Fingleton said.