(1) It is the duty of the Office of Fair Trading (“the OFT”) -
(a) to administer the licensing system set up by this Act,
(b) to exercise the adjudicating functions conferred on it by this Act in relation to the issue, renewal, variation, suspension and revocation of licences, and other matters,
(ba) to monitor, as it sees fit, businesses being carried on under licences;
(c) generally to superintend the working and enforcement of this Act, and regulations made under it, and
(d) where necessary or expedient, itself to take steps to enforce this Act, and regulations so made.
(2) It is the duty of the OFT, so far as appears to it to be practicable and having regard both to the national interest and the interests of persons carrying on businesses to which this Act applies and their customers, to keep under review and from time to time advise the Secretary of State about -
(a) social and commercial developments in the United Kingdom and elsewhere relating to the provision of credit