The OFT is a Statutory Board of Tynwald which means that it cannot act independently of Tynwald and must operate within the laws (statutes) that Tynwald introduces.
The Board was created under the Consumer Affairs Act 1981 and called the Board of Consumer Affairs. In November 1998 it was renamed the Office of Fair Trading. It also has certain powers under the Statutory Boards Act 1987.
The Board Members are: