Independent and Evening Standard could face probe over Saudi stakes June 13, 2019 The Independent and the Evening Standard could face an inquiry over public interest concerns after a mysterious Saudi investor took major stakes in the titles. Culture secretary Jeremy Wright today said he is mulling an investigation into the groups behind the two newspapers, amid fears the deals could compromise freedom of expression and the accurate [...]
Asda and Sainsbury’s propose selling 150 stores to save merger March 22, 2019 Asda and Sainsbury's have offered to sell up to 150 supermarkets and several convenience stores in a bid to save their proposed merger. Read more: Sainsbury's and Asda double down on £1bn price cut pledge to salvage deal The supermarkets promised they could divest between 125 and 150 supermarkets and "a number" of the convenience stores in [...]
FCA puts UK banks on notice on overdrafts but will not open formal inquiry July 1, 2020 The Financial Conduct Authority (FCA) will not open a formal inquiry into overdraft charges by UK banks, but said there would be a full evaluation of lenders’ pricing next year. In January, the financial watchdog gave banks just two weeks to explain changes to their overdraft rates which would leave around eight million consumers worse [...]
Competition watchdog mulls probe into Visa’s £247m takeover of Earthport April 4, 2019 The competition watchdog is mulling an investigation into Visa’s proposed £247m takeover of UK payments firm Earthport. Visa outbid Mastercard earlier this year in an intense battle for the global payment network. The Competition and Markets Authority (CMA) said today it was considering whether the deal would “substantially lessen” competition in the UK market. The watchdog [...]
Regulator launches review into consumer investment market September 15, 2020 The consumer investment market is not working as well as it should and it is due a fundamental review, according to the Financial Conduct Authority (FCA). Too often consumers are receiving lower returns than they should because of “unsuitable products with high fees”, the financial regulator said. It is launching a “call for input to [...]
FCA bans sales of crypto-derivatives to retail consumers October 6, 2020 The Financial Conduct Authority has announced rules banning the sale of derivatives related to certain types of crypto-assets to retail consumers. The ban will affect the sale, marketing and distribution of any derivatives – including contracts for difference, options and futures – as well as exchange traded notes that relate to unregulated cryptoassets. Read more: [...]
Apple vows to be more open about iPhone performance after consumer law concerns May 22, 2019 Apple has pledged to be more transparent about the battery health and performance of its iPhones, the competition watchdog said today. The Competition and Markets Authority (CMA) said the US tech firm has vowed to be “clearer and more upfront” with iPhone users following concerns it might be breaching consumer law. Read more: Former Apple [...]
Big Four could force judicial review into competition watchdog audit reforms April 28, 2019 Several of the Big Four accountancy firms could attempt to force a judicial review of the competition regulator’s proposals to shake up the sector. Earlier this month the Competition and Markets Authority (CMA) called for the introduction of joint audits, meaning companies would have to appoint one of PwC, EY, Deloitte or KPMG, alongside a so-called [...]
Ofgem urged to extend prepayment price cap due to smart meter delays June 7, 2019 The competition watchdog has urged Ofgem to extend protection for prepayment consumers beyond the end of 2020 due to the delayed roll-out of smart meters. The Competition and Markets Authority (CMA) implemented a temporary prepayment price cap in 2017 in a bid to reduce customers’ bills by around £300m a year. Read more: Ofgem won’t [...]
FCA outlines payment holiday proposals for struggling borrowers November 4, 2020 The Financial Conduct Authority (FCA) has outlined its proposals to bolster support for consumer credit borrowers struggling with the financial impact of the Covid-19 pandemic. Earlier this week, the watchdog announced plans to extend payment holidays credit cards, car finance, personal loans and pawnbroking as England prepares to enter a fresh national lockdown tomorrow. Under [...]