Competition watchdog could stop Tesco-Booker mega deal, claims retail body January 29, 2017 The Competition and Markets Authority (CMA) could stop Tesco's proposed £3.7bn takeover of Budgens and Londis owner Booker, according to a retail body that represents 33,500 local shops. "The CMA could either stop or put conditions on the deal," James Lowman, chief executive of the Association of Convenience Stores told City A.M. "The deal was a [...]
Lloyds Bank completes £1.9bn MBNA credit card deal to “strengthen” position in the UK June 1, 2017 Lloyds Bank today completed its £1.9bn takeover of credit card firm MBNA from Bank of America. The deal to buy MBNA is the first transaction by Lloyds since the financial crisis. The last major transaction by Lloyds was its ill-fated purchase of HBOS in 2008. The UK government sold its final shareholding in Lloyds last [...]
CMA hoping to cut banks’ overdraft charge revenue by as much as half May 17, 2016 The CMA is hoping to halve the amount of money that banks make from overdraft charges following the publication of its provisional decision on remedies. The papers, published yesterday, show that the CMA is hoping to make it easier for account switching to take place through technology, while also requiring banks to set a maximum charge [...]
MPs add to calls for fairer overdraft charges February 8, 2017 MPs have today added to calls to urgently review overdraft charges, placing a cap on the amount lenders can levy if needs be. Rachel Reeves, the Labour MP who brought this morning's Westminster Hall debate, described some of the current levels of overdraft charges as "disproportionate with the offence you have committed", adding: "I don't [...]
A former Tory minister is to lead calls for a new cap on energy price increases next week March 9, 2017 A former Conservative minister is to lead cross-party calls for a new intervention into the UK's energy market, demanding fresh restrictions on pricing. Ex-cabinet office minister John Penrose will next week tell the government to create a new “relative price cap” to limit suppliers ability to hike bills. In a backbench debate in the House of Commons on [...]
The bosses of eight challenger banks have slammed the CMA for failing to push for change on capital requirements May 24, 2016 Chief executives from eight challenger banks have slammed the Competition and Markets Authority (CMA) for failing to look at the capital requirements on small lenders. The CMA's report into the retail banking sector, published last week, called on banks to set maximum monthly charges for unauthorised overdrafts and to ease the process of switching current [...]
Pfizer slapped with record £84.2m fine for overcharging NHS after ramping up cost by 2,600 per cent December 7, 2016 If you're looking for tales of goodwill in the run-up to Christmas, look away now. For Britain's competition watchdog has slapped Pfizer and Flynn Pharma with nearly £90m worth of fines for charging excessive prices to the NHS for an anti-epilepsy drug. It found the cost had been ramped up by as much as 2,600 [...]
CMA publishes final energy market reforms report, including more than 30 new measures designed to increase competition in the sector June 24, 2016 Energy firms may have to navigate more red tape in the future, after the Competition and Markets Authority (CMA) proposed more than 30 new measures this morning. Confirming provisional findings announced earlier this year, the CMA said that energy suppliers should be ordered to hand details of customers who have been on a default tariff for more [...]
Juice merger could be orange squashed after CMA warns of reduced competition and higher prices May 17, 2016 A merger between the country's two biggest suppliers of freshly squeezed fruit juice may have to undergo a thorough probe after an initial investigation found it could lead to higher prices for retailers and consumers. Hain Frozen Foods UK bought Orchard House Foods on 21 December, but they are the only two suppliers to supermarkets in the country [...]
CMA: UK banks must cap overdraft fees, adopt better technology to make switching easier May 17, 2016 Banks will have a maximum monthly charge they can impose on customers for using unarranged overdrafts, and be forced to give greater warnings to people who are about to go into the red to give them time to avoid charges, under new proposals put forward today. The Competition and Markets Authority, which has been carrying [...]