Uber vs TfL: CMA regulator backs Uber calling new Transport for London rules anti-competitive December 2, 2015 The UK's market watchdog has thrown its weight behind Uber in a showdown between the Taxi startup and Transport for London (TfL), calling plans to curb the business anti-competitive. Responding to proposed new rules which seek a five-minute waiting time after ordering an Uber among other restrictions, the Competitions and Markets Authority (CMA) has warned the plans may "excessively and "unnecessarily weaken competition" and [...]
Challengers say CMA retail banks review does not go far enough October 22, 2015 Bosses at Britain’s smaller challenger banks are questioning the Competition and Markets Authority (CMA), saying that watchdog’s latest report “does not go anywhere near far enough” in boosting competitiveness in the retail banking sector. TSB chief executive Paul Pester said the CMA’s provisional findings, first published this morning, were a “solid first start” but there [...]
85 per cent of Brits would rather their bank didn’t offer unauthorised overdrafts May 18, 2016 Almost nine out of 10 UK adults would rather their bank did not offer unauthorised overdraft facilities, according to a new survey. The survey, commissioned by digital current account provider Ffrees, asked 2,014 Britons about overdrafts, and found that 85 per cent would reject the opportunity to go overdrawn without previously agreeing to it. Of those surveyed, [...]
Icap offers up its oil desks to avoid Tullett deal probe June 21, 2016 Inter dealer brokers Tullet and Icap could avoid a lengthy probe into their merger, with the two firms proposing a sale of the latter's London-based oil trading desks. The Competition Markets Authority (CMA) said today that it has until 16 August to decide if this will be enough to address its antitrust concerns, or refer the merger for [...]
FCA must act to cap monthly charges on unauthorised bank overdrafts says Labour MP May 23, 2016 Labour MP and Treasury committee member Rachel Reeves has called on the FCA to go beyond the recommendations of the Competion and Markets Authority and install a cap on banks' unauthorised overdraft charges. The CMA last week proposed that banks should be forced to set their own cap on the amounts that they can charge customers [...]
Industry groups split over new report from CMA on retail banking sector October 22, 2015 Multiple industry groups have hit out at the Competition and Markets Authority (CMA)’s provisional recommendations for the retail banking sector, saying “more needs to be done”. British Chambers of Commerce (BCC) director general John Longworth said businesses will be “disappointed” with the CMA’s proposals, accusing the competition watchdog of “effectively endorsing a status quo that [...]
Public hungry for challenger banks, research finds May 16, 2016 Challenger banks are gaining traction as consumers want to see smaller players competing against the sector's established names, a new research has found. Figures from Netherlands-based Triodos bank indicate that just over three quarters (77%) of UK adults say that greater competition from challenger banks should be encouraged. A total of 49 per cent say that challengers could differ by providing [...]
One year after Amber Rudd challenged the Big Six energy providers over pricing, there is still more to do to get a better deal for energy consumers May 31, 2016 One year ago, energy secretary Amber Rudd wrote to the Big Six to demand why hard-pressed consumers weren’t seeing bigger reductions in their gas and electricity bills. Fresh to her role in charge of the department for energy and climate change, she challenged suppliers to explain why they had failed to pass on significant wholesale [...]
Small businesses to launch £1bn legal action against RBS in early 2017 October 3, 2016 Legal action on behalf of over 100 small businesses claiming RBS drove them into the ground for its own gain is set to launch early next year. RGL Management Limited was formed in March to coordinate action against the bank's now defunct turnaround division, Global Restructuring Group (GRG). It is now fully funded to issue a claim and has [...]
Barclays raids JP Morgan for new boss of Corporate and Investment Bank September 5, 2016 Barclays has turned to fellow banking giant JP Morgan for the new boss of its Corporate and Investment Bank, it was announced today. Tim Throsby, currently global head of equities at JP Morgan, is expected to join Barclays as president of Barclays Corporate & International and chief executive of Barclays Corporate and Investment Bank in January next year. Throsby, [...]