Regulators must be kept in check, Tory MPs warn April 18, 2023 Tory MPs have warned powerful regulators operating “largely unchecked” are holding back the UK’s economy and “directly hindering” the country’s growth prospects. The backbench Regulatory Reform Group (RRG) has called for increased parliamentary oversight of the UK’s regulators – from water and energy watchdogs Ofwat and Ofgem to banking supervisor the Financial Conduct Authority (FCA). [...]
Amazon’s $1.7bn bid for iRobot faces questions from UK’s competition agency April 6, 2023 The UK’s competition regulator has launched an investigation into Amazon’s proposed $1.7bn acquisition of the Roomba manufacturer, iRobot. The Competition and Markets Authority (CMA) announced today that it will investigate whether the merger will result in “substantial lessening of competition” in the UK market. Amazon and iRobot announced the merger back in August 2022. The [...]
RAC: Tesco, Asda, Sainsbury’s and Morrisons are ripping off motorists – but which Big 4 retailer has the cheapest petrol? April 5, 2023 Motoring group RAC today accused Britain’s big four supermarkets of overcharging drivers at the petrol pumps.
Under a cloud: Dominance of Amazon AWS and Microsoft Azure questioned as Ofcom considers CMA referral April 5, 2023 Ofcom has proposed referring UK cloud services to the competition regulator, citing concerns that key players Amazon and Microsoft could stifle competition. The communications regulator said it has proposed referring the sector to the Competition and Markets Authority (CMA) after it identified features which make it harder for customers to switch or use multiple providers. [...]
‘Come to London’: FCA eyes up capital markets reform with 12 month plan to woo world listings back to the City April 5, 2023 The Financial Conduct Authority has laid out plans to “make the UK a more attractive place for business” today after a flurry of firms have ditched the UK in favour of foreign markets in recent months.
Apple wins appeal against UK’s decision to investigate its mobile browser April 1, 2023 Apple Inc won its appeal against the decision by Britain’s antitrust regulator to launch an investigation into its mobile browser and cloud gaming services, the Competition Appeal Tribunal (CAT) ruled on Friday. Regulator the Competition and Market Authority (CMA) opened a full investigation in November into the dominance of Apple and Alphabet Inc’s Google in [...]
Tightening SME lending rules ‘deeply irresponsible’: Business groups hit out at regulator’s plans March 30, 2023 Increasing capital requirements on SME lending will stifle economic growth and depress the UK’s small business sector, business groups have warned. Under proposals being considered by the Prudential Regulation Authority (PRA) as part of the Basel 3.1 regulations, favourable treatment for SME lending will be removed. Removing the preferential treatment, known as the SME Supporting [...]
‘Sink or swim’: Delayed update leaves UK’s £4bn open banking sector in limbo at critical moment March 29, 2023 The UK’s £4bn open banking sector faces a “sink or swim moment” as the industry awaits a crucial update on the future of the industry in the coming weeks, a lobby group has warned. Open banking, which was first rolled out by regulators in 2017 to force dominant high street lenders to open up their [...]
End of the road: Why More Than will no longer sell car insurance as insurer RSA quits market March 29, 2023 RSA has set out its plans to exit the car insurance business in the face of “extremely competitive” market conditions. In a statement, RSA said it had struck an agreement to “introduce” car insurance customers held through its More Than business to UK rival Swinton, with a view to boosting its business, home and [...]
CMA drops concerns over Microsoft takeover of Call of Duty developer Activision Blizzard… for now March 24, 2023 The UK competition watchdog has provisionally dropped concerns that Microsoft’s proposed takeover of Call Of Duty developer Activision Blizzard would damage the UK console gaming market. The Competition and Markets Authority (CMA) last month warned the 68.7 billion dollar (£56.7 billion) deal could result in higher prices, fewer choices or less innovation for UK gamers. [...]