CMA slaps pharma firms with £260m in fines for hiking prices for NHS July 15, 2021 The UK’s competition watchdog has slapped drug companies with fines totalling more than £260m for hiking prices for the NHS. The Competition and Markets Authority (CMA) said prices of “life-saving” hydrocortisone tablets had risen by over 10,000 per cent. The price hike equated to the NHS being charged £80 for a single pack of tablets [...]
MPs call for probe into record labels amid music streaming overhaul July 15, 2021 MPs have urged regulators to probe major UK record labels and Youtube as part of a radical overhaul of the music streaming market aimed at tackling “pitiful returns” for artists. In an eagerly-awaiting report published today, the culture select committee called for comprehensive reform to existing legislation as well as new regulations to “reset” the [...]
CMA green light: £28bn AstraZeneca and Alexion deal to close late July July 14, 2021 The UK competition watchdog has cleared vaccine maker AstraZeneca’s £28bn bid for rival Alexion, which has been confirmed to close on 21 July. First announced in December last year, the deal is intended to bolster AstraZeneca’s immunology capabilities by adding Alexion’s technology platforms. European Union regulators gave the deal the green light last week. Despite [...]
Global banking powerhouses await forex class action ruling July 12, 2021 A London court this week will rule whether a multi-billion-pound class action filed against the world’s largest banks over accusations of foreign exchange rigging can proceed. Barclays, NatWest, UBS, Citigroup, JPMorgan and MUFG Bank are waiting to see whether they will face the first forex class action in the UK after the five-day hearing kicked [...]
Screenshot: Should the UK tech sector really be cashing in its chips? July 9, 2021 This week **Media Moment of the Week: Tesco’s football fail **Should the UK tech sector really be cashing in its chips? **A Wise move Media Moment of the Week: Tesco’s football fail Once again the internet was awash with football this week, and plenty of brands decided to jump on the England bandwagon for a [...]
FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Wise valued at £8bn in London’s biggest ever tech float July 7, 2021 Wise, one of Britain’s biggest fintech firms, has seen its valuation hit £8bn after listing on the London Exchange this morning, marking a major boost for the capital’s tech scene. Shares in the payments group, formerly known as Transferwise, began trading at £8 each in its eagerly-awaited stock market float. It follows an auction process [...]
Are auto companies preparing their workforce for a more digital future? July 7, 2021 As climate change ambition ramps up across the world, emissions reduction targets in the autos sector will likely be forced to tighten further. Numerous countries – including Norway, France, the UK, Sweden, Ireland and the Netherlands – have already announced internal combustion engine (ICE) vehicle phaseouts between 2025-2040. Companies must pursue low and zero-carbon alternatives [...]
City watchdog rolls out ban on funeral provider cold calling July 5, 2021 The City watchdog has confirmed plans to ban cold calling by funeral plans providers as part of a wider crackdown on the industry. The Financial Conduct Authority (FCA) today unveiled new rules that companies will have to follow from 29 July 2022. In addition to the ban on cold calling, these include a guarantee that [...]
FCA begins listing rules consultation in bid to lure more fintechs to IPO in London July 5, 2021 FCA launches listing rules consultation in bid to lure more fintechs to IPO in London