There shall be a body corporate to be known as the Office of Fair Trading (in this Act referred to as “the OFT”).

The functions of the OFT are carried out on behalf of the Crown.

Schedule 1 (which makes further provision about the OFT) has effect.

In managing its affairs the OFT shall have regard, in addition to any relevant general guidance as to the governance of public bodies, to such generally accepted principles of good corporate governance as it is reasonable to regard as applicable to the OFT.