OFT "hamstrung" by regulation agreement says MHK

Claims deal rules out better regulatory regime

A former deputy chairman of the Office of Fair Trading says the organisation’s effectively hamstrung by an agreement it signed with Manx Gas.

Chris Thomas MHK resigned from the office earlier this year when the regulatory deal was announced involving Treasury, the Department of Economic Development, Manx Gas and the OFT.

Mr Thomas says the deal means Manx Gas is limited to making just under 10 per cent profit – while the OFT is prevented from taking action against the company.

And he says it also rules out a better regulatory regime: