CMA slaps Pfizer with record £63m fine for ‘illegally exploiting dominant position to overcharge NHS’ July 21, 2022 Drugmakers Pfizer, as well as Flynn, received a fine of close to £70m after they overcharged the NHS for a life-saving epilepsy drug, the UK competition watchdog has announced. The Competition and Markets Authority (CMA) said the two pharmaceutical giants “abused their dominant positions” in the market to charge unfairly high prices over a four-year [...]
Regulators call on airlines to comply with consumer law if they want to avoid enforcement July 21, 2022 The Civil Aviation Authority (CAA) and the Competition and Markets Authority (CMA) have warned airlines they could face enforcement action if they fail to comply with consumer law. In a joint letter sent to carriers today, the regulators said they were concerned about consumers experiencing harm “unless airlines meet their obligations” and “minimise flight disruption [...]
JD Sports talks Footasylum sale with Aurelius Group amid watchdog order July 20, 2022 FTSE 100 retailer JD Sports Fashion is looking to sell up its Footasylum chain to the Aurelius Group following months of talks with the UK competition watchdog.
Brexit: UK lays foundation to scrap hundreds of EU financial services rules July 20, 2022 Ministers have today tabled landmark post-Brexit legislation in parliament that will lay the foundation to scrap hundreds of retained EU rules on financial services. The long-awaited Financial Services and Markets Bill sets up a mechanism to bin EU financial services regulations one-at-a-time and either replace them with completely new rules or with none at all. [...]
Amazon files lawsuit against 10,000 Facebook groups as battle with fake reviews continues July 19, 2022 Amazon has filed a lawsuit against more than 10,000 Facebook groups this morning in an attempt to crack down on fake reviews.
EU braces for supply shortages amid growing doubts over Nord Stream gas flows July 19, 2022 The executive arm of the European Union has raised the prospect of supply shortages this winter, revealing it does not expect NS1 to come back online.
If the FCA is given a mandate for competitiveness, it could set us up for a 2008 re-run July 19, 2022 The Financial Services and Markets Bill is set to be published this week, to reshape our future outside of the European Union. But even with newfound freedom, we must not forget the lessons of the financial crisis. The UK has a chance to rethink the rules that shape our critical finance sector. In the face [...]
Google could face £920m in damages as class action gets green light July 18, 2022 The UK competition tribunal gave group action against Google the green light today, which could cost the tech giant as much as £920m in damages if successful.
AA urges retailers to pass on drop in wholesale costs so drivers can enjoy savings at the pumps July 18, 2022 Drivers could save £10 per tank within the next two weeks, if plummeting wholesale costs are finally reflected in forecourt prices, says the AA.
Win for Facebook: Judge orders UK competition watchdog to revisit Meta Giphy sale July 18, 2022 Judges have called on the UK competition watchdog to revisit its ruling on the Competition and Markets Authority's (CMA) ruling that Meta should sell Giphy.