FinTech sector asks UK government for more clarity in 2023 December 22, 2022 A group of UK based FinTech companies have written an open letter to the Financial Conduct Authority (FCA) calling for greater clarity on how open banking will be regulated from 2023 onwards. The letter criticizes the Joint Regulatory Oversight Committee (JROC), a regulatory body established in March by the Competition and Markets Authority (CMA). The [...]
Car premiums increase 17.4 per cent after FCA price walking ban December 20, 2022 The average car premium has soared 17.4 per cent in the past year, according to recent research. Data published today by market researcher Consumer Intelligence shows that average premiums now cost £877, surpassing by 6.7 per cent current inflation rates. According to senior insight analyst Georgia Day, the unsurprising surge has been driven by the [...]
Exclusive: Top fintechs slam regulators for slow progress on open banking December 20, 2022 A group of top fintech firms including Monzo and Wise have slammed UK regulators for a lack of progress on open banking today, claiming the “integrity and potential” of the regime in the UK is at risk.
Shop ’till you drop: Christmas spending up despite rampant inflation December 20, 2022 Shopping habits die hard as Brits continue to spend across the board in the run-up to Christmas and the holiday season despite historic levels of inflation raising prices. Spending on essentials is up by an average of 43.5 per cent compared to the same time last year, with non-essential expenditure also rising by an average [...]
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 [...]
Rivals raise eyebrows over BT’s Openreach price cuts December 14, 2022 BT’s Openreach has said it plans to offer cheaper rates to its wholesale clients like Sky and TalkTalk as it tries to push Brits from copper to full fibre. The move will benefit big internet providers that do not have their own fibre networks, but has raised eyebrows amongst the firm’s biggest rivals. The main [...]
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 [...]
Hunt to unveil post-Brexit Big Bang 2.0 for UK financial services industry December 8, 2022 Jeremy Hunt will finally unveil the government’s plans to shred EU financial services laws today as he proposes a package to boost the City’s global competitiveness post-Brexit. Hunt will deliver the landmark announcement in Edinburgh this morning, with the chancellor set to drop Solvency II capital requirements on insurance firms and ease current bank ring-fencing [...]
Government must reveal more about onshore wind plans, say experts December 8, 2022 Energy experts have urged the Government to reveal more details about its proposed consultation to revive onshore wind.
Asda slashes petrol prices after CMA review December 8, 2022 Asda has slashed petrol prices at the pumps over the past two days, opening up the possibility of a price war with its supermarket rivals.