Fyre Festival, influencers, and the CMA – why are regulators finally getting involved in the world of social media sponsorship? February 4, 2019 Social media influencers are back in the headlines, and as usual, it’s for all the wrong reasons. Late last month, the government’s Competition and Markets Authority (CMA) announced that it had told 16 high-profile celebrities – including models Alexa Chung and Rosie Huntington-Whiteley, musician Rita Ora, and YouTube star Zoe Sugg (better known as Zoella) [...]
The CMA has officially launched a probe into the Sainsbury’s Asda merger August 23, 2018 The competition watchdog has officially launched an investigation into the proposed mega-merger between supermarkets Sainsbury's and Asda. Pricing, quality and the range of products at both businesses will come under scrutiny as the competition and markets authority (CMA) tries to determine if a tie-up will have a negative effect for UK consumers. The regulator will [...]
Asda and Sainsbury’s mega merger could hit Aldi and Lidl’s trollies October 17, 2018 Britain’s store wars are intensifying by the day but the force is still strong with German discounters Aldi and Lidl. The price-cutters continued to steal market share from the Big Four supermarkets in the 12 weeks to 7 October, figures from the closely-watched Kantar Worldpanel report showed yesterday. Aldi’s sales growth, its fastest since January [...]
End Big Four dominance using French-style joint audits, watchdog told November 1, 2018 Regulators should consider introducing a French-style joint audit system to break the Big Four’s stranglehold on the top end of the market, the industry body said yesterday. Responding to a fast-moving review of Britain’s audit sector, the Institute of Chartered Accountants in England and Wales (ICAEW) warned the Competition and Markets Authority (CMA) of the [...]
SSE’s merger with Npower gets the provisional green light from UK competition watchdog August 30, 2018 The Competition and Markets Authority (CMA) has given provisional clearance to the proposed merger between energy firm Npower and the retail arm of SSE. A further inquiry by the CMA was set up in April after initial concerns were raised as to whether the merger might impact the prices of standard variable tariffs (SVTs), the most [...]
Beleaguered audit watchdog boss may be forced out within weeks, says senior MP November 13, 2018 Stephen Haddrill, the beleaguered boss of the Financial Reporting Council (FRC) may be forced to resign within weeks after a report into the widely-criticised audit sector regulator is released, a top Labour MP has said. Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Select Committee, said Haddrill, who has announced his intention [...]
Mazars says joint audits and market caps are solution to audit sector woes November 4, 2018 Mazars, the professional services firm which is France’s fifth-largest auditor, has weighed in on the under-fire sector’s future, calling for market share caps and joint audits to disrupt the dominance of the Big Four firms. It is the first large audit firm to release its response to the Competition and Markets Authority (CMA), which is [...]
Inmarsat rejects call from investor to delay takeover court hearing November 5, 2019 Satellite firm Inmarsat, which is being bought by a private equity-led consortium, has rejected a call by investor Oaktree Capital to delay a takeover court hearing until it has clarity on the status of its US spectrum holdings. Oaktree, which has a 2.85 per cent stake in Inmarsat, called on the board to delay the [...]
Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
City Moves for 6 September 2018 – who’s switching jobs at the Financial Conduct Authority, JCDecaux Airport and Howard Kennedy? September 6, 2018 Today's City Moves cover competition, aviation advertising and legal eagles. Take a look at these movers and shakers: Financial Conduct Authority The Financial Conduct Authority (FCA) has appointed Sheldon Mills as its new director of competition. Sheldon is currently senior director, mergers and state aid at the Competition and Markets Authority (CMA). At the CMA, [...]