What is the primary purpose of the Office of Fair Trading (OFT)?

The primary purpose of the Office of Fair Trading (OFT) is to enforce consumer protection and competition laws. This body was established to ensure that consumers are treated fairly and to promote healthy competition in the marketplace. By enforcing these laws, the OFT helps protect consumers from unfair business practices, misleading advertising, and fraud, ensuring that they have access to accurate information and choices in the market.

Furthermore, the enforcement of competition laws is crucial for maintaining a dynamic economy where businesses can compete effectively, ultimately benefiting consumers with better prices and services. The OFT's role in this regard allows it to investigate and take action against businesses that engage in anti-competitive practices, thereby fostering an environment of trust and fairness in consumer transactions.

The other options reflect roles that are not aligned with the OFT's primary purpose. Managing pension schemes, providing financial advice, and supervising banking institutions are responsibilities generally handled by other regulatory bodies or specialized organizations.