‘Ignore hype and look at risk’, FCA says as it targets young, inexperienced investors October 20, 2021 Three-quarters of younger investors who invest in high-risk products such as cryptocurrencies say they are driven by competition with friends, family, acquaintances and their own past investments. More than two-thirds (68 per cent) likened placing their money in an investment to gambling. The findings were released by the Financial Conduct Authority (FCA), which has launched [...]
Competition watchdog clears way for $44bn S&P Global and IHS Markit merger October 19, 2021 The UK’s competition watchdog has cleared the way for a multi billion pound merger between two of the world’s leading data providers. The Competition and Markets Authority said today the $44bn tie up between IHS Markit and S&P Global could be allowed to go ahead if competition concerns were addressed. The CMA uncovered limited competition [...]
UK trade bodies rebel against ‘cartel-like’ shipping costs October 19, 2021 Make UK, the trade body representing UK manufacturers, has called on the Competition and Markets Authority (CMA) to open an investigation into the shipping sector’s “cartel-like practices” when it comes to the increase in prices. Writing a letter to the CMA alongside the British Chamber of Commerce (BCC), Make UK has said that the “increase [...]
Exclusive: City investors know regulation is on the horizon for buy now pay later firms October 19, 2021 The Buy Now Pay Later sector (BNPL) has seen a surge of activity since the start of the pandemic as consumers turned to online shopping and welcomed the option to purchase trending items of clothing, beauty products and other goods without parting with all of their cash up-front. More and more BNPL options, including Klarna [...]
Covid cancellations: CMA launches probe into Teletext over package holidays October 18, 2021 The Competition and Markets Authority (CMA) said it has launched court action against Teletext Holidays over inadequate progress on refunding package holidays for trips cancelled due to the coronavirus pandemic. CMA chief executive Andrea Coscelli said: “Companies must abide by consumer protection law and treat their customers fairly. “After engaging with Teletext Holidays extensively, we [...]
Asda deal to sell petrol forecourts to EG Group terminated October 18, 2021 The Issa brothers have decided to terminate EG Group’s acquisition of Asda’s petrol forecourt business. In an update on Monday, Asda said the termination came after the supermarket and the Issa brothers’ EG were allowed to share commercial information with one another. They had been previously restricted under UK competitive law but a ‘hold separate’ [...]
Government ordered to reveal firms in £12bn PPE bonanza ‘VIP lane’ October 18, 2021 The government has been ordered to reveal the list of 47 companies which were awarded hefty PPE contracts via the ‘high-priority lane’ at the beginning of the pandemic last year. The contracts cost the government some £12.5bn, despite a number of reports that some of the PPE acquired was ‘unusable’. The Information Commissioner has told [...]
Crackdowns on tech mergers will only serve to deter British entrepreneurs October 18, 2021 What if Facebook had never bought Instagram? This question keeps competition regulators like the Competition and Markets Authority (CMA) up at night. In 2012, Instagram had just 30m users, 13 employees, and made no money. The $1bn valuation was mocked and appeared to many to be the sign of a tech bubble ready to burst. [...]
FCA chairman Charles Randell to leave post after over three years in the job October 15, 2021 The chairman of the City watchdog is stepping down from his post next year after over three years heading up the regulator. Charles Randell has asked chancellor Rishi Sunak to start looking for his replacement as chairman of the Financial Conduct Authority (FCA). Randell intends to leave his post in the spring of next year. [...]
Exclusive: UK set to keep EU cap on bankers’ bonuses post-Brexit October 14, 2021 The UK is set to keep the EU’s cap on bankers’ bonuses, with the Treasury instead focussed on a range of other measures to shake up financial services regulation post-Brexit. Treasury sources say the measure is not even being discussed by chancellor Rishi Sunak and that it will not be scrapped any time soon. The [...]