CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
Competition watchdog hits Heathrow with £1.6m fine October 25, 2018 Heathrow Airport has been slapped with a £1.6m fine over limiting competition for parking prices and infringing competition law. Britain’s competition regulator, the Competition and Markets Authority (CMA), said this afternoon that the airport and the owner of Heathrow T5 Hotel Limited had infringed competition law. The company commented: "The CMA found that the Arora Group [...]
Joint audit could inject some competition into the market January 22, 2019 Last week, the House of Commons’ Business, Energy and Industrial Strategy select committee opened hearings on its influential inquiry into the future of audit. Top of its agenda will be the proposed remedies set out by the Competition and Markets Authority (CMA) in its recent review, which could bring wholesale change in the UK’s listed [...]
Social media influencers promise greater clarity over sponsored posts amid CMA crackdown January 23, 2019 A host of high-profile celebrity influencers have agreed to be more transparent about when their social media posts are sponsored amid a crackdown on surreptitious product endorsements. Singers Ellie Goulding and Rita Ora and models Alexa Chung and Rosie Huntington-Whiteley are among the 16 social media stars who have given formal commitments to state clearly [...]
CMA must investigate the online advertising market, government report states February 11, 2019 The online advertising market must face a probe by the competition watchdog amid concerns tech giants are putting the future of quality journalism at risk, a major government report has found. In its findings published today, the Cairncross Review called on the Competition and Markets Authority (CMA) to investigate the online advertising market to ensure [...]
Watchdog warns Experian-Clearscore merger would stifle competition November 28, 2018 Experian’s merger with credit score rival Clearscore could harm competition in the credit checking sector, a watchdog warned today. The proposed tie-up would “stifle product development”, hurting people trying to make sense of their finances, according to the Competition and Markets Authority (CMA). “Our investigation has shown that this is a fast-paced and evolving market, [...]
Boris Johnson says Brexit deal must be ‘predictable’ for the City February 3, 2020 Prime Minister Boris Johnson has sought to reassure the City about a post-Brexit trade deal with the European Union, saying it should provide a “predictable, transparent and business-friendly” environment for financial services firms. In a written statement to parliament, the PM also said there should be “obligations on market access and fair competition”. The statement [...]
The EU must dump the idea of EU dumping June 1, 2020 Michel Barnier is refusing to negotiate with the UK on the future trading relationship until the UK agrees to the EU’s idea of a ‘level playing field’. One of the key issues concerning the EU is ‘dumping’. It is worried that the UK will become a super-competitive, de-regulated ‘Singapore-on-Thames’ that undercuts the prices of products [...]
UK watchdog calls for new powers on tackling £4bn ‘loyalty penalty’ after super-complaint December 19, 2018 The UK's Competition and Markets Authority has said it will seek new powers to fight the so-called loyalty penalty faced by consumers across multiple industries, including insurance, mobile phones, broadband, savings accounts and mortgages. The challenge comes off the back of a super-complaint made by consumer body Citizens Advice in September, a practice designed to end [...]
UK businesses breathe sigh of relief as Huawei gets the green light January 28, 2020 UK businesses today welcomed the decision to allow Huawei a limited role in the country’s 5G networks, hailing a “sensible compromise” to the fraught row over national security. In a long-awaited ruling, the government said the Chinese tech firm, which has been classed a “high-risk vendor”, will be allowed to build non-core parts of the [...]