HSBC will face no penalty for breaching open banking rules over 50 times January 19, 2023 The Competition & Markets Authority has criticised HSBC for breaching open banking rules on over 50 occasions, but the banking giant has been told it will receive no penalty. HSBC published inaccurate information and failed to publish required information on more than 50 occasions over the last five years, the watchdog said. The violations of [...]
Open banking enters ‘new phase’ after CMA rules six major banks fulfil requirements January 12, 2023 Open banking has entered a “new phase” after the Competition and Markets Authority (CMA) determined that the six largest banks in the UK have implemented the requirements of the open banking roadmap. The open banking trustee advised the CMA on Monday that Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander had implemented the remaining roadmap items. [...]
UK class-action lawsuits against Google, Apple and Sony see value of competition claims surge to £26bn January 9, 2023 The value of UK competition class-actions surged last year, according to new data published today, following the filing of a series of multi-billion-pound claims against some of the world’s biggest tech companies, including Apple, Google and Sony. The value of class-action lawsuits filed in the UK over claims around anti-competitive behaviour surged six-fold over the [...]
Competition regulator appoints interim CEO to permanent role December 19, 2022 The Competition and Markets Authority has appointed its interim CEO to a permanent role. Business Secretary Grant Shapps confirmed that Sarah Cardell will take over at the regulator immediately, having been running it since July following Andrea Coscelli’s departure. Cardell, who has 20 years of experience in the competition and consumer enforcement was previously general [...]
CMA launches investigation into rising cost of antibiotics amid Strep A outbreak December 14, 2022 The rising prices of antibiotics amid an outbreak of Strep A in the UK has raised concerns with the UK’s competition watchdog. The Competition and Markets Authority (CMA) launched an investigation into the price rises today. Some pharmacies have reported being charged up to £19 for a box of drugs that normally costs a few [...]
CMA slaps BMW with fine for not complying with probe request December 8, 2022 The Competition and Markets Authority has slapped BMW with a £30,000 fine for not complying with an information request. The watchdog – which has also added a daily penalty of £15,000 – believes the German marque is withholding information regarding a probe from earlier this year. Launched in March, the investigation focused on suspected anti-competitive [...]
CMA provisionally clears Mitie and PAE over Heathrow and detention centre contracts December 7, 2022 The markets regulator has closed an investigation into alleged anti-competitive behaviour over procurement contracts for Heathrow and an immigration centre. In an update published on Wednesday, the Competitions and Markets Authority (CMA) said it would close the probe into the conduct of Mitie and PAE launched in March. The two firms were responsible for on-going [...]
CMA concerned £94m hearing implant merger will stoke higher prices for NHS December 6, 2022 A merger between two hearing implant suppliers has raised concerns within the UK’s competition watchdog, which said a deal could risk higher prices for the NHS and less choice for patients. Should Cochlear and Demant’s £94m deal for Otican Medical go ahead, it would mean the combined group would control between 90 and 100 per [...]
CMA raises consumer concerns over proposed Baker Hughes-Altus deal November 22, 2022 The Competition and Markets Authority (CMA) has raised concerns over Baker Hughes' proposed acquisition of Altus.
Barclays told to pay £1m to more than 1,000 mortgage customers over PPI breaches November 9, 2022 The UK’s competitions watchdog has ordered Barclays to pay up to £1m in compensation to at least 1,000 of its mortgage customers, over its failure to comply with rules around Payment Protection Insurance (PPI) policies. The UK’s Competition and Markets Authority (CMA) said Barclays should pay compensation to as many 1,306 of its mortgage customers, [...]