England replica shirts now cost less thanks to the OFT

The OFT is one of the country's main business regulators, investigating possibly anti-competitive practices that could harm consumers.

A report from the National Audit Office (NAO) revealed that six of the OFT's 37 live investigations had lasted more than three years.

It also said investigations should be more transparent and more consistent.

Sir John Bourn, head of the NAO, was optimistic that things would improve.

"At present, many of the OFT's investigations take a long time," he said.

"The recent changes in leadership at the OFT present it with an opportunity to meet these challenges head on," he said.

A new chairman, Philip Collins, and a new chief executive, John Fingleton, both took up office last month.

Need for speed

The need for the OFT to get a move on and publish its reports quickly was highlighted two weeks ago by a decision of a body called the Competition Appeal Tribunal.

The Association of Convenience Stores (ACS) had complained to it, claiming the OFT was wrong when, in August, it decided not to refer the whole grocery market to the Competition Commission for a full enquiry.

The ACS is worried that the market for local High Street grocery stores is increasingly being dominated by big supermarkets which have been snapping up small grocery chains in the past few years.

The Tribunal rejected the OFT's offer of a further eight month review and ordered it to come to a new decision as quickly as possible.

Slow and cautious

The OFT said it welcomed the NAO report. A spokesman said: "It is a valuable contribution appraising and refocusing our work after several years of experience of the new competition legislation."

The OFT must do more to stop its cases from dragging on Edward Leigh MP

But stiffer criticism of the OFT came from Edward Leigh, chairman of the Commons Public Accounts Committee.

Describing the OFT as "too slow and cautious", he pointed out that its inquiry into independent schools had now been going on for two-and-a-half years, with a long wait likely before a final report.

He said the OFT "must do more to stop its cases from dragging on in this way".

He was also critical of the expense of many OFT inquiries.

Some cost millions of pounds, with firms being investigated having to pay their own legal costs.

The NAO says investigations are complex, take a long time and involve gathering lots of information from those involved.

According to the business organisation, the CBI, in some big cases individual firms have had to pay more than �200,000, with these fees reaching over �1m in a few instances.