Fintechs call for open banking body to be ‘weaponised’ and simplified as CMA mulls its future March 16, 2022 Fintech firms have called for open banking’s governing body to be “weaponised” and simplified, as the Competition and Markets Authority (CMA) prepares to deliver a verdict on its future next week.
Top fintechs strong-arm watchdog into action on open banking March 14, 2022 A group of the UK’s top fintech firms have called on the Competition and Markets Authority (CMA) to speed up its decision making on open banking, claiming the watchdog’s slow progress was stifling innovation.
Explainer-in-brief: Europe proves a hostile market for Big Tech March 14, 2022 European and UK regulators have teamed up for the second time in less than a year to crack down on tech giants skirting anticompetitive practices. On Friday, the Competition and Markets Authority in the UK and the EU Commission launched a probe into an online advertising deal between Google and Meta to allegedly shut out [...]
Saudi Arabia’s PIF and Amanda Staveley should have waited to buy Chelsea instead March 10, 2022 I can’t help thinking that Amanda Staveley and her consortium have bought the wrong football club. Had they waited just five months they could have had Chelsea FC rather than Newcastle United. A mooted £3bn price tag may be 10 times the price paid for the Magpies, but still well within the means of Saudi [...]
CMA secures commitments from Gridserve unlocking EV motorway charging competition March 8, 2022 The Competition and Markets Authority (CMA) has secured commitments from energy company Gridserve to open up competition on motorways between electric vehicle (EV) charging companies. As part of the legally-binding commitments, Gridserve has agreed not to enforce exclusive rights in contracts with operators Extra, MOTO or Roadchef after November 2026, therefore reducing its contracts by [...]
City minister says UK changes to EU financial services rules will not be a ‘big bang’ March 2, 2022 Overhauling the EU’s financial services rulebook post-Brexit will not be a “big bang” moment and could take several years, according to UK City minister John Glen. Glen told Westminster’s Treasury Select Committee today that the push to reform EU regulation will be an “iterative” process and that any intervention will not “overnight change the competitiveness [...]
Competition watchdog green lights Microsoft’s £13.9bn snap up of Nuance Communications March 2, 2022 UK competition watchdog has given Microsoft’s $19.7bn (£13.9bn) acquisition of Nuance Communications the green light this morning, stating that it did “not give rise to a realistic prospect of a substantial lessening of competition”. Tech giant Microsoft snapped up the US-headquartered software firm last April in a push to advance its software capabilities. Nuance offers [...]
City minister John Glen outlines changes to ‘liberate businesses’ from EU regulations March 1, 2022 City minister John Glen has said his changes to EU financial services regulations will “liberate businesses” in the UK as he further outlines his package of reforms. Speaking to the Association of Financial Markets in Europe today, Glen said the post-Brexit changes “will remove unnecessary duplication and red tape for firms that want to raise [...]
High Court ruling: Teletext Holidays broke consumer law with refund failures February 28, 2022 The High Court has ruled that Teletext Holidays broke consumer law by failing to refund customers within the appropriate time period for bookings cancelled due to Covid. The Court agreed with the consumer watchdog that Truly Travel and Alpha Holidays, which traded as Teletext Holidays and Alpharooms, breached travel regulations. Under the Package Travel and [...]
John Glen: How I’m going to reform EU’s Solvency II post-Brexit February 25, 2022 This government has been clear about its vision for turning the UK into the most open and dynamic financial services sector on the planet. We understand the crucial contribution the sector already makes to this country and are determined, post-Brexit, that it fulfil its huge potential. A big part of that will be about unleashing [...]